- Two whales offloaded 8.2 million FARTCOIN worth $8.43 million.
- Can Fartcoin bulls defend the $1.00 level, or will it collapse toward $0.95?
Since hitting a local high of $1.5, Fartcoin [FARTCOIN] has stalled. In fact, for nearly a week, it hovered around the $1.0 level, unable to regain steam.
This price freeze has stirred up panic exits, led first by whales, and now retail holders are following suit.
FARTCOIN whales dump $8.4M
According to Lookonchain, two whales unloaded 8.2 million FARTCOIN worth $8.43 million during the lull.
Source: Lookonchain/X
As per the on-chain monitor, one whale sold 5.9 million FARTCOIN for 40,959 SOL or $6 million. At the same time, the other whale sold 2.3 million FARTCOIN for $2.42 million.
Of course, large sell-offs during flat price action rarely hint at confidence. Instead, they often pre-empt deeper drawdowns.
Retail followed fast enough
Source: CoinGlass
But it wasn’t just whales fleeing. Exchange Netflow surged to $436K, per CoinGlass, indicating inflows into exchanges exceeded withdrawals.
Historically, such a setup on exchanges precedes higher selling pressure, resulting in downward pressure on prices.
Source: Coinalyze
Additionally, a similar pattern is also observed when we examine the memecoin’s Spot vs. Buy Sell Volume.
According to Coinalyze, Sell Volume hit $14million, while Buy Volume lagged at $12 million on the 2nd of July. That created a Buy-Sell Delta of -$2 million, a clear sign of aggressive market-wide distribution.
Sentiment slipped into the red
So, what triggered the mass sell-off?
Source: Santiment
At press time, Weighted Sentiment dropped to -0.681, flipping negative after briefly turning green a day prior.
When this metric turns negative, it suggests that investors have turned bearish and are hurriedly exiting their positions.
Can the memecoin breach critical support?
According to AMBCrypto’s analysis, the memecoin experienced a strong downward momentum as sellers dominated the market.
As a result, its Stochastic RSI plummeted to 70 after making a bearish crossover. A crossover downwards here suggested that the momentum is flipping from upside to the downside.
Source: TradingView
Meanwhile, the Positive Directional Movement Index fell to 20, confirming bears had firm control.
Put together, the signs pointed to a possible break below $1.00 support, eyeing a short-term dip toward $0.95. However, if buyers re-enter the market, the memecoin can hold on and still eye $1.2 resistance.
