PIPPIN's Rally Peaks Near $0.51 as Fibonacci Extensions Signal Further Resistance Ahead

PIPPIN reached a noteworthy milestone this week, climbing to $0.51 as part of a sustained four-week uptrend. The token’s explosive move broke through months of tight consolidation, marking a decisive shift in price momentum. At the time of analysis, PIPPIN was trading around $0.4878, though recent data reflects price stabilization at $0.35 with market conditions evolving. The rally has captured significant attention, with the token posting 38% gains in 24 hours and 165% weekly performance before the latest pullback.

Breaking Free From Extended Consolidation

From early February through mid-November, PIPPIN languished within a narrow $0.010 to $0.055 band. This prolonged sideways action allowed patient accumulation to build under the surface, with minimal volatility masking steady purchasing activity. The turning point arrived around November 24, when price broke decisively above the established range ceiling.

The breakout pattern displayed textbook characteristics. Each successive week pushed higher on expanding volume, with large bullish candles confirming sustained demand rather than thin, isolated rallies. Trading volumes surged to $88 million daily at peak activity—a 69% jump from prior sessions—validating the move’s legitimacy.

Derivatives Flows and Liquidations Fueled the Spike

Short positioning heavily favored bears during the initial rally phase. Data showed 72% of open PIPPIN positions were shorts, betting the advance would reverse. Instead, the token’s continued ascent forced unwinding, generating over $4 million in short liquidations within 24 hours against just $1 million in long closures.

The funding rate structure amplified this dynamic. Negative funding near -0.5282% meant short sellers paid longs for exposure, creating self-reinforcing liquidation risk. With open interest near $208 million stacked against Raydium’s ~$10.3 million in liquidity depth, even modest buying pressure triggered sharp price swings.

On-Chain Metrics Reveal Tightening Supply

Recent blockchain activity painted a picture of constrained availability. Approximately 26 wallets withdrew roughly 44% of PIPPIN’s circulating supply from exchange venues, reducing immediate sell-side pressure. Simultaneously, around 50 coordinated addresses accumulated close to $19 million worth through what appeared to be organized accumulation routes.

However, concentration risks remain substantial. Some 73% of total supply rests with just 93 addresses—a level historically prone to sudden moves. A December 1 transfer of 24.8 million PIPPIN (valued at $3.74 million) coincided with a 26% intraday crash, illustrating how easily whale activity can reshape price action.

Technical Levels and Fibonacci Extensions Define Path Forward

The Relative Strength Index on daily timeframes sits near 95—deep overbought territory that typically precedes consolidation or pullback phases after vertical moves. Fibonacci extensions project potential resistance at $0.60, $0.67, and $0.76, establishing guideposts for further upside if momentum sustains.

On the downside, fibonacci retracement support emerges at $0.36 (78.60% level), $0.28 (61.80%), and $0.23 (50% retracement). Current price action near $0.35 positions PIPPIN between these critical zones, with the next directional impulse likely determining which level becomes operationally relevant.

The four-week rally demonstrated how base-building, supply constraints, and derivatives positioning can align to create outsized moves. Yet elevated RSI readings and substantial whale concentration suggest caution. Traders monitoring PIPPIN should track volume trends and liquidation levels as the token navigates post-spike volatility.