AI agent and Solana [SOL] based memecoin Pippin [PIPPIN] was one of the few altcoins with a bullish structure on the weekly chart. It had made considerable gains in November and December, when Bitcoin [BTC] fell below $100k and reached as low as $80.6k.
The relative strength against Bitcoin and the large-cap altcoins showed itself once again. On the 8th of February, PIPPIN rallied a massive 50.40%, with high trading volume. The rally started from the early December support level at $0.157.
A recent AMBCrypto report highlighted that smart money was offloading PIPPIN. The strong gains while the rest of the market experienced pain meant bigger holders were realizing profits. This selling pressure brought about a correction, but the trend remained bullish.
On-chain metrics support a bullish PIPPIN view
Source: Glassnode
Glassnode data showed that the new address growth has been strong since November. Even during the recent price setback, address growth continued apace. This growth signaled steady on-chain activity, and the influx of new users represented demand.
Source: Glassnode
The Coin Days Destroyed metric helps track whether long-term holders’ tokens which were previously dormant have begun to wake up. The metric has been relatively quiet since December, with small spikes in the second half of January.
This signaled some profit-taking, but not a large wave of profit-taking that warned of a potential trend reversal.
Source: Glassnode
The MVRV pricing bands showed that the memecoin had been in overheated territory toward the end of 2025. The subsequent correction pulled prices back toward the realized price. At the time of writing, the current rally has room to grow.
The $0.133 and $0.107 were strong support levels that, if breached, could lead to a deeper correction. Meanwhile, a move beyond the upper bands at $0.32 and $0.48 would signal overheating PIPPIN market conditions.
Final Thoughts
- Pippin has been one of the altcoins to show longer-term strength against Bitcoin and the wider market.
- The overheated market conditions were followed by a healthy correction, and the current short-term rally could take prices as high as $0.48-$0.50.
