Canary Capital has officially filed for the first-ever PENGU exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).

The filing has driven a surge in PENGU’s price, pushing the token past key resistance levels.

PENGU Token Surges On ETF Filing

PENGU tokens experienced dramatic price increases after the ETF application because the market appeared to reposition its perspective.

The largest Solana-based meme coin, PENGU, has experienced an upsurge in popularity after enduring weeks of market stall.

The economic indicators show traders feel positive about PENGU because prices exceeded major technical thresholds, which indicates an upcoming bullish market period.

The PENGU price exceeds both Tenkan-sen and Kijun-sen lines, thus revealing positive momentum changes.

The breaking point through Ichimoku clouds reflects persistent buying power because it coincides with a strengthened bullish prediction.

There is potential for further price increases because PENGU holds itself above significant support points in the green cloud area.

Positive trends are supported when Tenkan-sen crosses above the Kijun-sen lines in an upward direction.

Further positive price growth becomes likely when PENGU maintains its position above the Ichimoku cloud.

Market participants observe PENGU’s ability to maintain its upward movement and its capacity to overcome upcoming resistance barriers.

RSI Indicates More Room for Growth

The Relative Strength Index (RSI) for PENGU currently stands at 62 after reaching from its original position at 44.86 earlier in the day.

Market sentiment continues to increase however PENGU remains short of entering overbought conditions.

A Relative Strength Index value under 70 implies more upward movement remains accessible until a price correction takes place.

The RSI for PENGU has remained below 70 since January 5th, showing that it remains within a standard trading zone.

Continuous buying pressure could push PENGU to evaluate the next resistance level, positioned at $0.0093.

The price can reach $0.011 after breaking beyond $0.0093 since it has not exceeded this threshold in more than a month.

PENGU will move back toward the $0.0062 support level as bullish momentum declines.

If the price falls below this support area, the token will likely continue its downward decline, as it could completely eliminate previous value increases.

Market participants monitor these price levels because they believe they will help predict future price movement directions.

Canary Capital Expands Crypto ETF Filings

Canary Capital has drawn considerable interest over the past year following its out-of-the-ordinary crypto-linked ETF applications.

The firm applied for its first Hedera (HBAR) ETF submission in November 2024, at a time when HBAR ranked lower than the top twenty cryptocurrencies.

The decision caught industry experts off guard because it demonstrated Canary’s readiness to invest in unusual assets.

The company maintained its trend from 2025 by submitting an ETF registration for Axelar (AXL) on March 5.

On March 17, Canary put forward their Sui (SUI) ETF filing, while the token experienced its Delaware registration right after in the same month.

The firm submits these ETF applications to show its approach to expanding crypto ETF options past Bitcoin and Ethereum and into alternative crypto assets.

The PENGU filing from Canary made the SEC issue a response regarding memecoin-based ETFs.

The regulation authority shows great caution when reviewing proposals for ETFs that link to digital assets with high price volatility.

Future filings regarding similar ETF products may create a new standard following approval of the PENGU ETF thus altering the spectrum of crypto investment products.

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