PENGU, FARTCOIN, and WAL: The three notable altcoins in the market bounce back wave

The strong recovery of the crypto market is rekindling investors' risk appetite, especially for meme coins and altcoins within the layer-2 ecosystem. Over the past 24 hours, standout names like Pudgy Penguins (PENGU) and Fartcoin (FARTCOIN) on the Solana platform, along with Walrus (WAL) from the SUI ecosystem, have recorded exceptional growth compared to the overall market.

Technically, the outlook still leans towards a positive trend, bolstered by important resistance levels and signals breaking through key price patterns.

PENGU may face difficulties in maintaining its bounce back momentum.

As of the time of writing on Friday, PENGU is down more than 1%, after breaking out 8.50% in the previous session. The current bounce back has surpassed the Fibonacci 50% level at $0.0160 – calculated from the historical peak of $0.0700 down to the low of April 9 at $0.0037.

If this important support level can be maintained, PENGU's next target will be the price range of $0.0259 – an area that was previously rejected on January 26. This could be a key resistance level in the short term.

The daily chart of PENGU/USDT | Source: TradingViewHowever, technical indicators are sending warning signals about the possibility of a pause in the upward trend. The Relative Strength Index (RSI) has now reached 73, officially entering the overbought zone – indicating that buying pressure is dominating but also increasing the risk of a correction.

However, the MACD indicator continues to maintain a positive trend as both the MACD line and the signal line are trending upwards – reinforcing the bullish outlook.

On the contrary, if PENGU closes below the threshold of $0.0160 today, this coin may reverse and test the bottom this week at $0.0132 – an important support zone in the short term.

FARTCOIN breaks out of the descending triangle pattern

Fartcoin has maintained its green color for the third consecutive day, rising over 1% as of the time of writing on Friday. Notably, the bounce back of the meme coin on the Solana ecosystem has officially broken above the short-term resistance line – established by the peaks on May 23 and June 10 – forming a descending triangle with a crucial support area at the $0.90 mark.

After the breakout, Fartcoin is aiming for its first target at the closing level of June 10 at $1.38. If the buying pressure continues to sustain, this coin may challenge the strong resistance level at $1.56 – which was the peak established on May 22.

FARTCOIN/USDT daily chart | Source: TradingViewThe technical indicators are reinforcing the bullish outlook. The MACD shows that both the MACD line and the signal line are approaching the centerline, while the green histogram bars are showing signs of expanding again – reflecting an improvement in market momentum. At the same time, the RSI has surpassed the 50 mark and is currently at 57, nearing the overbought territory.

However, it is important to note that if Fartcoin closes with a red candle today, profit-taking pressure may cause the price to adjust back to the old resistance line around $1.10.

Walrus escapes from the descending channel

Walrus (WAL) continues its impressive upward trend as it records the third consecutive green candle on the daily chart, with an increase of more than 4% as of the time of writing on Friday. This altcoin from the SUI ecosystem has just established its highest peak of the week — also a price level not reached since June 17.

After breaking above the resistance level — formed from the opening prices on May 15 and June 11 — WAL has completed a descending channel pattern, combined with a support line passing through the lows on May 30 and June 22. The bounce back after the breakout is aimed at conquering the psychological level of $0.50, with the next important resistance level located at $0.54 — a significant closing level on June 10.

Daily WAL/USDT Chart | Source: TradingViewTechnical signals also indicate that bullish momentum is returning. The MACD indicator has started to show that the MACD line and the signal line are trending upwards, although they are still in the negative zone. In particular, the expansion of the green histogram bars above the 0 line reinforces expectations for a bullish trend.

The RSI index is currently at 51, slightly surpassing the 50 threshold — a sign that WAL is moving from an oversold state to neutral, opening up new growth potential.

However, if the upward momentum is not maintained throughout the day, a correction may occur, pulling the price back to test the old resistance level around $0.41.

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