The AI agent and Solana-based memecoin Pippin (PIPPIN) has staged a significant rally, gaining over 50% on February 8th. The surge, which started from a key support level of $0.157 established in early December, occurred amidst a broader market downturn where Bitcoin (BTC) had previously fallen below $100,000.
On-chain data from Glassnode supports a bullish outlook for PIPPIN. New address growth has remained strong since November, indicating steady on-chain activity and new user demand even during recent price corrections. The Coin Days Destroyed metric, which tracks the movement of long-dormant tokens, has shown only small spikes, suggesting profit-taking is not severe enough to signal a trend reversal.
Analysts note that PIPPIN had reached overheated territory in late 2025, but the subsequent correction brought prices back toward the realized price. The current rally is seen as having room to grow, with key resistance levels identified at $0.32 and $0.48. Conversely, strong support lies at $0.133 and $0.107; a breach of these levels could trigger a deeper correction.
The price action broke PIPPIN out of a prolonged consolidation phase, decisively closing above a former resistance-turned-support level near $0.2600. This sets up a potential move toward the $0.30 resistance zone. Derivatives data indicates the rally is backed by fresh positioning, with open interest expanding alongside the price surge, signaling trader confidence in a continuation rather than a short-lived spike.
