Fartcoin Surges 25%, Eyes New All-Time High as Solana Meme Coin Gains Steam

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Over the past 24 hours, the meme coin Fartcoin (FARTCOIN) has experienced a significant surge of approximately 25%, aiming for a breakout beyond its all-time high of $1.60. In just three days, the price of Fartcoin has risen by an impressive 65%, resulting in weekly gains exceeding 40%.

Currently, FARTCOIN is being traded at approximately $1.20, and daily trading volumes have significantly increased by 72%, reaching around $147.6 million. Moreover, according to CoinGlass data, the open interest for the Solana meme coin has risen by about 22% to almost $160 million.

FARTCOIN Price Rally to Continue amid Bullish MACD Crossover

After a dip to $0.75 following a 50% correction from its peak on January 4, Solana’s meme coin has seen a robust rebound. This recovery trend hints at an approaching bullish crossover in the Moving Average Convergence Divergence (MACD) chart for Fartcoin.

Source: TradingView

If Bitcoin‘s price rises above $100K, this bullish trend might further boost the momentum of the Solana meme coin.

FARTCOIN’s Chaikin Money Flow (CMF) is fluctuating close to the zero point, suggesting uncertainty amongst investors. This modest investment flow indicates a cautious approach in the market, possibly due to the coin’s increased volatility and associated meme status.

To keep FARTCOIN’s price trending upwards, it requires a significant increase in investor trust combined with increased investments. In the absence of convincing bullish indicators and market fluctuations, investors are advised to stay vigilant, as they may anticipate reaching new record highs.

Where’s the Solana Meme Coin Moving Next?

In the last three days, FARTCOIN has experienced a significant surge of over 67%, pushing its price beyond $1.27. It’s now less than 30% away from reaching its record highs. Given the recent upward trend, there might be a potential dip or pullback in the value of this Solana meme coin.

As an analyst, I’m pointing out that FARTCOIN could potentially establish a base at around $0.98. If it manages to hold this level, the coin might be gearing up for another surge in its price rally. The potential targets on the upside are projected to be $1.266, $1.5828, and $1.8994.

Source: TraderSZ

Should FARTCOIN not manage to maintain its key support at approximately $0.98, there’s a possibility it might fall back to around $0.69. Such a decline could weaken the positive outlook for the cryptocurrency, reversing recent progress and potentially introducing more potential downward pressures.

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2025-01-16 17:43