Viral Meme Coin PENGU Price Skyrockets 29% Amid Spot ETF Buzz

TL;DR

• PENGU completes bullish retest, with analyst Ali projecting $0.060 target by early August.
• Open interest surges past $176M, suggesting strong trader conviction behind PENGU’s latest breakout.
• Resistance levels at $0.032 and $0.044 may act as stepping stones toward the $0.060 target.

PENGU Price Rallies Following Spot ETF Filing Acknowledgement

The price of PENGU, a Solana-based memecoin, surged nearly 29% in the past 24 hours. The move followed the US Securities and Exchange Commission’s (SEC) acknowledgment of a filing for the Canary Spot PENGU ETF. At the time of writing, the popular meme coin was exchanging hands at $0.01902 with a 24-hour trading volume of $431 million.

Meanwhile, this development sparked renewed interest in the token, with many traders reacting to the ETF filing as a possible catalyst for broader adoption. Over the past 7 days, PENGU has gained over 16%, building on strong momentum as anticipation grows over potential ETF approval.

Chart Signals Support for Higher Targets

Crypto analyst Ali shared a chart showing that PENGU recently completed a textbook bullish retest near $0.013. The price has since rebounded and is now targeting $0.060 by August, according to the projection.

Slap yourself if you are sleeping on $PENGU. This is a textbook bullish retest. $0.060 by August is just the start. Once the ETF gets approved, who knows how far this can go. https://t.co/QJJVClSNjl pic.twitter.com/KfXhNAmgeq

— Ali (@ali_charts) July 9, 2025

“$0.060 by August is just the start. Once the ETF gets approved, who knows how far this can go,” Ali wrote.

Notably, resistance zones are marked near $0.032, $0.044, and $0.060. The pattern suggests a reversal of the downtrend that began in February, supported by a newly confirmed support level just above $0.013.

Open Interest Spikes Alongside Price

Data from Coinalyze reveals that aggregated open interest (OI) surged past $176.9 million as the price rose above $0.019. This sharp increase in OI reflects a flood of new positions being opened during the rally.

Rising OI along with price often points to bullish positioning from traders rather than short covering. However, elevated OI also carries risk, as rapid liquidation could occur if momentum fades.

According to our recent analysis, PENGU may be preparing for a larger move. Analyst Martinez noted that the token could soon test the $0.044 level, which would represent a 200% gain from earlier trading levels.