PENGU shows intriguing strength amid ETF uncertainty. The narrative around the delayed institutional product (now targeted for March 2026) shouldn't overshadow what's actually happening on-chain: major players continue stacking positions despite the pushback.

Technically, the setup looks constructive. A falling wedge pattern coupled with MACD trending bullish creates the conditions for upside breakout—RSI hovering around 55 suggests room to run without overextension. Key levels matter here: break above $0.013 and we're looking at a potential push toward $0.0137. Conversely, hold below $0.012 and the floor could revisit $0.011 support.

What's driving the microstructure? Altcoin rotation flows are kicking in as traders shuffle capital across sector rotations. The combination of smart money accumulation, technical alignment, and positive flow metrics creates a compelling picture for near-term momentum. It's the kind of setup where patience in consolidation often rewards early positioning.