PNUT price is gaining attention as one of the top 10 biggest meme coins in the market. The token has shown signs of bullish momentum, with its ADX rising and RSI nearing overbought levels, suggesting room for continued growth.

If the uptrend strengthens, PNUT could test $1.87 and even $2.50, challenging POPCAT’s position in the rankings. However, a loss of momentum could see PNUT face significant corrections, testing support levels as low as $0.41.

PNUT Buying Pressure Is Increasing

PNUT price is currently in an uptrend, with its ADX climbing to 17.5 from below 9 just a day ago, signaling improving trend strength. The ADX, or Average Directional Index, measures the strength of a trend on a scale from 0 to 100, without indicating its direction.

Values above 25 indicate a strong trend, while values below 20 suggest a weak or no trend. The current ADX level reflects that while PNUT’s uptrend is not yet strong, the significant increase suggests momentum is building.

The rapid rise in ADX indicates that buying pressure may be increasing, creating the potential for a stronger uptrend if the trend gains further traction.

Although still below the 25 threshold, which marks a strong trend, this upward shift in ADX highlights the possibility of continued price growth if current conditions persist.

PNUT RSI Keeps Rising

PNUT’s RSI is currently at 64.7, climbing significantly from below 50 just a day ago, indicating strengthening bullish momentum. The RSI, or Relative Strength Index, measures the speed and magnitude of price changes on a scale from 0 to 100.

Values above 70 suggest overbought conditions and potential for a pullback, while values below 30 indicate oversold conditions, often signaling a possible rebound. With its current level approaching the overbought zone, PNUT reflects strong buying activity but still has room for further growth.

Since PNUT price has not entered the overbought zone above 70 since November 14, its current RSI suggests the uptrend could continue before hitting resistance. Historically, RSI levels nearing 70 have coincided with periods of strong price increases, leaving room for additional upward movement.

If buying pressure persists, PNUT price could extend its rally further before reaching overbought territory, offering more opportunities for gains in the short term.

PNUT Price Prediction: Can It Surpass POPCAT In Market Cap?

PNUT, now the 9th largest meme coin in the market, is showing signs of a strengthening uptrend. If it builds momentum and breaks through the $1.41 resistance, it could climb to $1.87.

A successful push past that level could see PNUT price testing $2.21 and potentially reaching $2.50 again, putting it in a strong position to surpass POPCAT in the meme coins rankings, as their difference today is roughly $20 million.

However, if the current uptrend loses steam, a reversal could lead PNUT price to test key support levels at $1.04 and $0.74. If those supports fail to hold, the price might drop further to $0.41, marking a significant correction.

Polkadot 2.0, the latest upgrade to the Polkadot network, will launch in Q1 2025. An early testnet version of the blockchain is already available on the Kusama network. 

The launch period was confirmed earlier today by Parity Technologies, the developers behind Polkadot. 

Polkadot 2.0 Will Introduce Much-Needed Scalability to the Blockchain 

Polkadot 2.0 represents a significant upgrade of the Polkadot network, introducing technical advancements to enhance scalability, flexibility, and accessibility for developers. 

According to Parity Technologies, the upgrade will have three key features – Async Backing, Agile Coretime, and Elastic Scaling.

The first two features have been successfully implemented in the network. The team is currently working on Elastic Scaling ahead of its Q1 2025 launch. 

“Last part of Polkadot 2.0 is Elastic Scaling. Projects will be able to add multiple Cores for one task, shorten block production time or add on-demand Cores if they have throughput problems,” Polkadot executive Emil Kietzman wrote on X (formerly Twitter).

These features will reduce the block time from 12 seconds to 6 seconds, increasing transaction throughput. DApps and other projects on Polkadot 2.0 will be able to access network resources on-demand, moving away from the traditional parachain slot auction model.

Most importantly, Elastic Scaling will allow the network to scale dynamically as needed. These enhancements on Polkadot 2.0 could potentially lower developers’ entry barriers. 

DOT has seen a significant rally in November, surging over 100%. The network’s high staking returns have attracted new users in 2024. According to an earlier CoinGecko report, Polkadot is among the top three blockchains that provide the highest staking yields. 

Furthermore, the network’s interoperability has received wider praise from developer communities. Another report earlier this year named Polkadot as one of the leading blockchains in development and community engagement. 

Despite these recognitions, the network has suffered extensively in the past few years due to the lack of scalability. As a result, the number of core developers on the network has gradually decreased. 

Polkadot 2.0 can potentially change this and introduce much-needed scalability and accessibility to the blockchain. A successful launch can bring more DApps to the ecosystem and drive DOT’s market prospects.