The post Solana Memecoins FART And PENGU Dominate Meme Coin Market: Can They Sustain the Momentum? appeared first on Coinpedia Fintech News
Key Takeaways:
- Fartcoin surged 173% in April, becoming the top-performing memecoin with a market cap of $1.14 billion and strong whale-driven activity.
- PENGU saw a +136.35% weekly gain, but monthly growth slowed to +102% from 153% on 28th April, with a potential pullback on the horizon.
- : Whale purchases of Fartcoin, including a $2.48 million increase, add volatility and bullish sentiment to the token’s rise.
- Despite a short-term pullback, PENGU holds a bullish market structure, with support at $0.0100–$0.0110 crucial for continued upward momentum.
- PENGU’s volume surged to $1.2B, driven by institutional and retail interest, though high leverage signals potential short-term volatility.
April has proven to be a breakthrough month for memecoins; in addition to their close correlation towards the major cryptocurrencies with their move towards the top on the altcoin charts monthly, Solana-based tokens have taken the top position in April, both with the latest gains and also market money transferred to be staked in them.
Fartcoin (FARTCOIN) has claimed the title of top-performing solana memecoin with +171.42% for the month. It is currently priced at $1.15 and boasts a market cap of $1.14 billion and a 24-hour trading volume of $255.86 million.
On the weekly performance side, Pudgy Penguins (PENGU) managed a +136.35% 7-day increase, moving its price to $0.01203, and it has enjoyed a monthly climb of +102.02%, although it fell from 3rd to 6th in 24 Hours since 28th April in monthly performance rankings of memecoins.
PENGU’s rise has also caused it to outperform TRUMP coin this week, as TRUMP coin rallied 62.42% – but did not cause the same level of traction after the u.s president with an exclusive event for the top 220 TRUMP holders event on May 22 to be hosted in New Jersey.
One of the better coins overall has been Brett (BRETT) which is currently priced at $0.06493 in April and has a month gain of +110.71%, while also experiencing similar week monthly metrics. Finally, Bonk (BONK) has reported a monthly return of +75.25%, while currently priced at around $0.00002019. Bonk currently has a 24-hour trading volume of $382.43 million.
PENGU Coin Price Pulls Back After 260% Rally, Bulls Eye $0.0205 Breakout
PENGU coin has shown impressive bullish strength, rallying over 260% from its base around $0.0040 to a recent high of $0.0144, breaking out from months of consolidation. However, after this sharp rally, the price has pulled back by 2%, currently sitting at $0.0118, near the key short-term support zone of $0.0100–$0.0110. This level is critical as it has acted as both a trendline retest and support, making it a key area to watch for potential price action.
The RSI, now at 75.82, remains above 70, indicating that buyers are still in control, though momentum has cooled. The MACD continues to show a bullish crossover, reinforcing the likelihood of trend continuation. If the price holds above this support zone, we could see a move towards $0.0145, $0.0170, and eventually $0.0205, aligned with the 38.2% Fibonacci retracement level.
A breakout above $0.0205 could pave the way for a mid-term rally toward $0.0256, $0.0343, or even $0.0500 in the next 6–10 weeks, depending on volume and broader market conditions.
Short-term traders should monitor the $0.0100–$0.0110 support zone closely. If this area holds, it could signal a rebound towards higher levels. Long-term traders can maintain a bullish outlook as long as the price stays above the 20 and 50 EMA ($0.0074), which continue to offer dynamic support.
After a 260% surge, PENGU is in a consolidation phase, and if support holds, the next leg higher could come quickly.
Overall, after a 260% surge, PENGU is in a textbook consolidation phase — and if the support holds, the next leg higher could come swiftly.
FARTCOIN (FARTCOIN) Price Eyes Breakout as Handle Formation Nears Completion
FART Coin continues to follow a classic bullish cup and handle pattern on the daily chart. After forming a rounded bottom between early February and mid-April, the price successfully completed the “cup” structure and has since carved out a shallow handle, marked by light consolidation just below the $1.30 resistance level.
Price Action & Structure:
- FART is currently trading around $1.12–$1.13, maintaining its structure above the critical $1.00 support zone, which remains the ideal floor for the bullish scenario.
- The immediate challenge lies at $1.30, acting as the “handle resistance.” A confirmed breakout above this level would validate the handle breakout and likely trigger a move toward the $1.60–$1.80 resistance targets.
- The EMAs (20/50/100/200) continue to fan out in a bullish alignment, with the 20 EMA now well above the longer EMAs, indicating sustained upward momentum
Momentum Indicators:
- RSI (14) is currently at ~65.20, slightly up from yesterday’s 66 but still comfortably below the overbought threshold (70). This cooling-off zone supports continued bullish momentum without exhaustion, giving bulls room to push higher.
- MACD is showing positive momentum with the MACD line at 0.1355 and signal line at 0.1310, keeping the bullish crossover intact. The histogram, while modest, still reflects positive momentum.
Key Levels to Watch:
- Immediate Support: $1.00 → Maintaining this level is crucial for the structure to stay valid.
- Breakout Level: $1.30 → A daily candle close above this could confirm the handle breakout.
- Upside Targets: $1.60 (Major Resistance) → Followed by $1.80 as the next potential Q2 target.
- Downside Risk Zone: If $1.00 fails, watch for a pullback toward the $0.75–$0.73 zone where the 50 EMA also aligns as secondary support.
