PENGU price prediction – Reasons why its latest drop could be short-lived

Key Points

1. PENGU's price fell by over 11% after hitting $0.04, with seller dominance and price consolidation contributing to the decline.

2. Insider-linked wallets sold over $66 million worth of PENGU tokens for profit-taking, reducing liquidity and triggering a price correction.

3. The long/short ratio was 0.94, indicating seller dominance, while Open Interest dropped from $607 million to $464 million.

4. Despite the drop, the lack of significant volume suggests the decline may be short-lived, with potential for a rebound from the diagonal support level.

5. PENGU had previously surpassed $0.048 and flipped all Solana memecoins by market capitalization before the correction.