Solana: Memecoins PENGU and SPX Show Signs of Recovery

The memecoins built on Solana, notably PENGU and SPX, are starting a stabilization phase after a sharp correction. Technical and market data suggest a possible recovery, supported by the gradual return of capital.

PENGU: Stabilization and renewed interest

After losing ground in recent weeks, PENGU seems to find an anchor point around $0.030. The drop left scars, but the market structure shows a weakening of selling pressure.

The level of $0.03717 currently acts as resistance. A clear break above this threshold could open the way to a Pengu price explosion. For now, the indicators remain mixed: the MACD still shows a bearish crossover, but the histograms are lightening. The bearish intensity is weakening.

The RSI oscillates at 55, close to neutrality. This confirms a waiting period. What draws attention, however, is the 10% rise in Open Interest in 24 hours, now at $407.4 million. This reflects a resumption of risk-taking and a return of liquidity.

Failing a bullish breakout, a rejection below $0.03717 could send PENGU back to its support at $0.02893, level of July 15.

SPX: Technical rebound in a bullish wedge

SPX maintains its position above the 50-day exponential moving average, around $1.5717. The token reacts on the lower boundary of an ascending wedge, which may indicate a technical recovery if the pattern holds.

The immediate resistance is at $1.8032, a peak reached in January. Breaking it would allow targeting $2.2817, a coherent objective in case of bullish acceleration. Here too, the indicators are in a transition phase: the MACD recovers, the RSI returns to balance around 49.

SPX’s Open Interest remains stable at $146.73 million after a marked drop. This stagnation, coupled with price resilience, suggests consolidation rather than disengagement. Sellers seem to be on pause.

A bearish scenario remains possible. A clear break below $1.5000 would question the ongoing rebound and open the way to $1.3356, an area corresponding to the 100-day moving average.

PENGU and SPX clearly illustrate the current dynamics of the Solana ecosystem. Despite the extreme volatility of these assets, they capture attention through their resilience. It is not so much their fundamental value that matters here, but their ability to signal a return of risk appetite.