The price of the Solana-based meme coin PIPPIN has exploded, gaining over 53% in a single day to trade near $0.47. This surge brings the token within roughly 21% of its previous all-time high near $0.60, signaling a potential push into new price discovery territory.
The rally is attributed to a technical breakout from a prolonged consolidation phase. PIPPIN has broken above the resistance of a descending triangle pattern, a key technical formation it had been trading within since December. This breakout pushed the price above the upper Bollinger Band at $0.467, a classic signal of a potential trend change. Momentum indicators support the bullish move, with the Relative Strength Index (RSI) on a 2-hour chart reaching 78.25, indicating overbought conditions following the surge.
Analysts point to a strong underlying bullish structure that has been building for weeks. Since November, the price has respected a rising trendline, with buyers consistently stepping in at higher lows. The token has held firmly above the $0.45–$0.46 support zone, which aligns with both the ascending trendline and daily Ichimoku cloud support, limiting downside pressure.
Attention is now focused on the next key resistance zone between $0.52 and $0.55. A clean daily close above this level would significantly increase the probability of a retest of the all-time high. If momentum continues, chart analysis suggests price discovery could follow, with Fibonacci extension levels pointing to potential targets of $0.912 and $1.05.
However, significant structural risks temper the bullish outlook. A major warning flag is the concentration of token supply, with reports indicating that 50% of PIPPIN's supply remains controlled by insiders and whales. This creates a high risk of price manipulation and the potential for rapid, sharp reversals if these large holders decide to sell.
The bullish setup is considered valid as long as PIPPIN holds above the $0.45 support level. A decisive break below this zone would weaken the structure and raise the risk of a deeper pullback toward the $0.36–$0.38 region.
