Solana ecosystem Meme coins are collectively surging today, with PIPPIN performing the best—24-hour increase of 35%, and its market cap approaching $500 million. Is this rally driven by capital rotation within the Meme sector or a genuine breakout? The key lies in whether the price can stabilize, which will determine the future trend.

From the 4-hour chart, PIPPIN is currently oscillating above 0.45, approaching the previous high of 0.5049, a strong resistance level. On the surface, it appears poised for a breakout, but the details reveal underlying concerns—RSI is retreating from the overbought zone, and the MACD histogram is turning green, indicating that bullish momentum is clearly waning. Technical signals are showing divergence, which is a warning sign for market participants.

On-chain data shows increasing follow-up buying, but there are also significant large orders stacked around 0.5, indicating selling pressure is present. This suggests that although new buying is pushing the price higher, sellers are also prepared. Catalytic news can play a role, but ultimately, it depends on whether trading volume and price action can break through this psychological barrier.

Analyzing from a structural perspective: resistance above is at 0.50 and 0.5049. If these levels cannot be broken after multiple attempts, a double top formation may occur. Support levels below are sequentially at 0.4602( neckline), 0.404( key support), and 0.336( rebound support). Whether it breaks through or pulls back depends on the performance in the next few trading hours.