The price of Fartcoin surged on Friday, climbing over 26% and establishing itself as one of the top-performing cryptocurrencies.
Fartcoin (FARTCOIN), ranked as the third-largest meme coin on the Solana network, reached $0.9192, marking its highest value since January 31. The token has experienced an impressive 332% increase from its lowest point earlier this year.
This recent upward trend coincides with a notable rise in futures open interest, which soared to a record $422 million. This number significantly exceeds the $95 million recorded on the same day last month. An increase in open interest typically indicates heightened demand and speculative trading activity.
The ongoing rally also aligns with a persistently favorable funding rate observed throughout the week. A positive funding rate suggests that traders holding long positions are incurring lower fees compared to those engaging in short positions, which is often viewed as a bullish sign.
Additional on-chain metrics reveal that more investors are retaining their holdings, as the number of tokens available on exchanges has decreased. Currently, there are 120.4 million Fartcoin tokens on exchanges, a drop of 15% from 141.57 million a week ago. This decrease has been particularly noticeable on platforms such as Bitget, MEXC, KuCoin, and Gate.
Exiting tokens from exchanges usually signals a bullish trend, as it indicates that investors prefer to store their assets in personal wallets, thereby alleviating immediate sell pressure.
Technical Analysis of Fartcoin Price
The eight-hour chart illustrates a considerable rally in Fartcoin’s price in recent weeks. It broke through a significant resistance level of $0.6323 on April 9, indicating a strengthening uptrend. This threshold was crucial, as it represented the upper limit of a cup and handle pattern that had been developing.
The cup and handle pattern features a rounded bottom followed by a consolidation phase—the “handle”—before a breakout occurs. In this instance, the handle has a rounded shape. Additionally, the token has surpassed the 50-period moving average and the Directional Movement Index (DMI) is trending upward, indicating strong momentum. The DMI is a commonly used measure for assessing trend strength and direction.
With this setup, it seems likely that Fartcoin will continue its upward trajectory, with bulls aiming for the 50% Fibonacci retracement level at $1.4627—approximately 65% above the current price.