Fartcoin price went parabolic this week as it disconnected from other Solana meme coins. It jumped to a high of $0.7845 on Thursday, its highest level since February 3 and nearly 300% above the current level. This surge has pushed its market cap to over $710 million, making it the third-biggest Solana meme coin after Trump and Bonk.
Fartcoin emerges as a top Solana meme coin
Most Solana meme coins have crashed in the past few months as demand has waned. While Fartcoin remains much lower than its all-time high, there are signs that it has separated itself from other meme tokens.
For example, it has surged by over 70% in the last seven days, while its peers have crashed. TRUMP has dropped by 15%, while Pudgy Penguins, Cat in a dogs world, ai16z, and Gigachad have all plunged by double digits this year.
It is unclear why the Fartcoin price has done much better than its rivals recently. However, a closer look at its on-chain metrics shows that it has had relentless buying activity by whales, who continue to hold their positions today.
Fartcoin’s price also soared overnight after Donald Trump announced plans to pause tariffs from over 70 countries, even as he added to those levied on China. That is a sign that he is willing to cave as the stock market imploded.
Read more: Fartcoin price is rising: here’s why this Solana meme coin could double
Analysts believe that Trump will also pause Chinese levies once he talks with Xi Jinping, the Chinese president.
Fartcoin price technical analysis
Fartcoin price chart by TradingView
Technicals also explain why the price of Fartcoin has jumped in the past few days. The chart above shows that the coin bottomed at $0.2100 in March and then started rising gradually. Along the way, the coin made what looks like a rounded bottom, commonly known as a cup-and-handle pattern.
The upper side of this pattern was at $0.6460, the highest swing on February 9 and March 25, while its depth was about 70%. Its handle section formed between Match 25 and on Wednesday, when the coin staged a strong comeback.
Fartcoin price has moved above the 25-day and 50-day moving averages. Also, the Relative Strength Index (RSI) and the MACD indicators have all rallied recently, a sign that it has a bullish momentum.
The Average Directional Index (RSI) has also pointed upwards, a notable thing since it is one of the most popular trend indicators. Therefore, the path of the least resistance for the Fartcoin price is bullish, with the initial target level being at $1.
The ultimate target based on the cup and handle pattern is $1.1057. This target is identified by measuring the cup’s depth from the upper side of the cup-and-handle pattern.
On the flip side a drop below the key support at $0.6460 will invalidate the bullish outlook and point to more downside over time.
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