The price of the Solana-based AI-memecoin PIPPIN surged by approximately 12% over a 24-hour period, reaching a price of around $0.85. This rally positioned PIPPIN as a leader in its niche and pushed its market capitalization above $880 million, driven by speculative momentum and capital rotation towards narrative-based assets.
However, the move is being scrutinized as a key technical indicator, the TD Sequential, flashed a '9' sell signal on the 12-hour chart. Analyst Ali Charts noted this indicator has been remarkably accurate for PIPPIN in the past, correctly marking prior tops and bottoms. The current signal suggests potential exhaustion near the $0.95 resistance level, a zone that has historically acted as a supply area.
Key price levels are now in focus. Immediate support is seen at $0.75, with a break below potentially leading to a correction toward $0.65. Conversely, a clean break above the $0.90-$0.95 resistance could open the path toward the psychological $1.00 level. The market is watching to see if strong momentum will override the bearish technical signal.
Adding a layer of risk, reports from analytics platforms like Bubblemap warn of a possible 80% concentration of PIPPIN's supply in interconnected wallets. This suggests a high degree of centralized control that could inject significant volatility into the asset's price, especially if large holders decide to take profits.
The token's near-term direction will likely be determined by its ability to hold key support, broader market sentiment—particularly Bitcoin's movement—and evolving social media activity around the project.
