Key Highlights Analyst Ali Martinez (@alicharts) says getting bearish on $PENGU is a big mistake after the token held mid-range support following a rejection from the channel top. $PENGU is h
Key Highlights
Analyst Ali Martinez (@alicharts) says getting bearish on $PENGU is a big mistake after the token held mid-range support following a rejection from the channel top.
$PENGU is holding near $0.0082 while potentially forming a higher low; two support trendlines remain the key conditions for the bullish structure.
As long as those supports hold, Martinez sees a path back toward the channel top at $0.0110.
A breakout above $0.0110 would open his next watched level at $0.0210.
Bitcoin is trading near $82,700 while Solana ecosystem meme coin $PENGU sits at roughly $0.0082 after pulling back from a recent test of the $0.0110 channel top. Ali Martinez argues the pullback is not a reason to turn bearish.
On 10 October 2026, Martinez posted: “PENGU: GETTING BEARISH IS A BIG MISTAKE.”
He noted that after $PENGU was rejected from the top of the channel, the token is now holding the mid-range support while potentially forming a higher low. The chart he shared shows an ascending trendline connecting higher lows through October, with the current price zone acting as a consolidation area rather than a breakdown.
PENGU Daily Chart | Source: @alicharts (X)
The two levels he is watching are the horizontal mid-range support near $0.0082 and the rising trendline. As long as both continue to hold, he says the bullish structure remains intact.
A higher low forms when buyers step in at a price above the previous swing low. In this case, the October structure shows progressive demand absorbing supply at improving levels. That pattern is consistent with a constructive pullback inside an ongoing channel rather than a trend reversal.
Martinez’s earlier posts on $PENGU have framed the token as a potential Solana ecosystem meme play that could rhyme with $PEPE’s expansion phase. The current setup keeps that thesis alive only while the support trendlines remain unbroken.
If $PENGU holds the mid-range support near $0.0082 and the ascending trendline, the structure points toward a retest of the channel top at $0.0110 (roughly +34% from current levels). A clean breakout above $0.0110 would put Martinez’s next watched level of $0.0210 in play.
A daily close below both the $0.0082 mid-range support and the rising trendline would invalidate the higher-low structure. That would open downside toward $0.0068 (about −16% from $0.0082), with a deeper floor near $0.0059 if selling accelerates.
The analyst’s core point is straightforward: the rejection from $0.0110 is not automatically bearish if price stabilizes at the mid-range and continues to print higher lows. The structure stays valid only while those two supports hold.
The call arrives while Bitcoin remains near $82,700 and several on-chain analysts have described the broader market as still inside an early bull phase rather than a confirmed bear market. That macro backdrop can support risk-on positioning in higher-beta tokens such as $PENGU, provided the token’s own technical supports remain intact.
Martinez has previously highlighted $PENGU’s channel structure and compared its consolidation phase to earlier meme-coin expansions. The 10 October post is a direct update to that view: the dip is not a reason to abandon the bullish structure yet.
Hold the $0.0082 mid-range and the ascending trendline → retest $0.0110 → potential extension toward $0.0210 on a breakout.
Daily close below both supports → path toward $0.0068 and potentially $0.0059, invalidating the higher-low thesis.
The level to watch is not a single price print. It is whether the two support trendlines continue to hold. As long as they do, Martinez’s message is that turning bearish here is premature.
Disclaimer: The views and analysis presented in this article are for informational purposes only and reflect the author’s perspective, not financial advice. Technical patterns and indicators discussed are subject to market volatility and may or may not yield anticipated results. Investors are advised to exercise caution, conduct independent research, and make decisions aligned with their individual risk tolerance.
Also Read: SkyAI Moves 568,000 SOL ($63.87M) to Exchanges — At a $46M Loss
