PENGU Token Surges on Binance Tag Lift and Solana NFT Sweep
Early this week, the PENGU token surged 28% after Binance removed its high-risk Seed Tag, attracting institutional interest. The broader NFT market rallied, with Pudgy Penguins floor price jumping 15% to 16.75 ETH and trading volumes spiking amid a $5.87 million CryptoPunks sale and ETH topping $3,800. Technically, PENGU token broke out of a symmetrical triangle to $0.0398 before its daily RSI hit 81, flagging overbought risk.
In a subsequent rally, PENGU token climbed another 11% after a community-led sweep of 500+ Solana Pudgy Penguins Gen2 NFTs on Magic Eden. The floor price surged 65% to 12 SOL and series volume topped 7,000 SOL, while PENGU on-chain volume jumped 250% to $2.3 million. Analysts say NFT sweeps can trigger token rallies ahead of roadmap updates such as airdrops and metaverse integrations. As Bitcoin dominance dips and altcoin season heats up, traders should watch for continued NFT momentum and potential pullbacks.
Bullish
The PENGU token’s rallies were driven by both fundamental catalysts and technical breakouts. Binance’s removal of the Seed Tag and a coordinated Solana NFT sweep triggered surges in demand and volume, signaling strong trader interest. Elevated trading volumes, floor price gains on both Ethereum and Solana, and roadmap catalysts like airdrops and metaverse integrations point to sustained bullish momentum. Although overbought RSI readings raise pullback risk in the short term, the combined on-chain and market indicators support a positive outlook for PENGU token in the coming sessions.