Fartcoin, a popular Solana meme coin, continues to surge as the crypto market rebounds and as the supply on exchanges falls.
Fartcoin (FARTCOIN) crossed the important resistance level at $1 for the first time since January. It has soared by 460% from its lowest point this year and is moving closer to its all-time high.
Fartcoin has beaten other popular Solana meme coins like Dogwifhat (WIF), Bonk (BONK), and Official Trump.
Nansen data shows that the volume of Fartcoin tokens on exchanges has continued falling this week. There are now 142.5 million tokens on centralized exchanges like Kraken, Gate, KuCoin, and Bitget, down from 153 million a week ago.
The total supply on exchanges has dropped by 1%, to 14.08%. It stood at 15.13% a week ago and is now one of the lowest figures among Solana meme coins. A lower percentage suggests that more investors are holding Fartcoin in private wallets rather than preparing to sell on exchanges.
For comparison, Bonk’s supply on exchanges is 21.2%, Dogwifhat’s stands at 54.76%, and Popcat’s is 28%.
Fartcoin price technical analysis
The eight-hour chart shows that Fartcoin has been in a strong uptrend over the past few months. It bottomed at $0.2038 in March and then rebounded, peaking at $1.20 on Wednesday.
Fartcoin has formed a cup and handle pattern, with its upper side at $0.9850 and a depth of approximately 80%. Measuring this distance from the cup’s upper boundary gives it a price target of $1.7590, around 55% above the current level. A breakout above this target could set the stage for a move toward its all-time high of $2.73.
The risk, however, arises when the coin enters the distribution and markdown phase of the Wyckoff Theory. These two normally happens after an asset ends the markup or FOMO phase, where Fartcoin is today.
