The post Fartcoin Price News: Solana Meme Coin Surges Over 20%, Defies Broader Crypto Slump appeared first on Coinpedia Fintech News
Fartcoin, the Solana based memecoin on Tuesday became the best-performing top-100 cryptocurrency token. The token is up over 20%, currently trading at $0.5768, 200% above the lowest level in March. Notably, It has become the best-performing Solana meme coin.
Fartcoin Stays Steady Despite Broader Market Slump
Notably, Fartcoin has stayed relatively stable over the past few weeks, even as the broader crypto market bounced back. The token hit a key resistance level of $0.7153 twice, once on February 11 and again on March 26, however, it couldn’t break through both the times.
Fartcoin is showing signs of a bullish breakout after forming a classic “cup and handle” pattern which is a strong continuation signal in technical analysis. The recent pullback is part of the formation of the handle section. Besides, the price also stays steady above the 50-period EMA, suggesting that bulls are in control. Indicators like RSI and MACD are also pointing upwards.
If Fartcoin breaks above the key resistance at $0.7153, it could rally towards $1.1645, and potentially $1.2285, which is a remarkable 100%+ gain from current levels. However, this outlook would be invalidated if the price falls below the key support at $0.355.
Bloomberg analyst Eric Balchunas also highlighted in a recent X post that Fartcoin is up despite a broad market downturn, with Bitcoin, Ether, gold, and treasuries all falling which has left him puzzled about why a meme coin is outperforming everything else.
Can It Go Even Higher?
There are potential catalysts which may push Fartcoin’s price higher. Firstly, the whole crypto market could bounce back after recent panic over tariffs just like it did after the COVID crash. Further, if the Fed cuts interest rates, then crypto prices may rise further.
Secondly, Fartcoin stands out among Solana meme coins with a loyal community of 150K+ holders and signs of whale accumulation which are both strong bullish signals. Thirdly, all the Fartcoin tokens are already unlocked, so there’s no risk of future token dumps that could lower the price unlike many other meme coins.
Its worthwhile to note that Fartcoin has shown resilience in tough market conditions. For instance, when Bitcoin saw a steep decline on April 3, Fartcoin instead rebounded quickly as it jumped 36% the next day. Besides on chain data also suggests that Fartcoin’s recent surge is not driven by price manipulation. Infact large whale transactions worth $100K to over $1M are low in the past week which suggests that its genuine growth reflecting traders interest and not moves to inflate its value.