Fartcoin Surges as Crypto Market rebounds
Fartcoin, a well-known Solana meme coin, is experiencing a notable rise. As the crypto market recovers, Fartcoin has crossed the $1 mark for the first time as January. This surge represents a 460% increase from its lowest point this year, bringing it closer to its all-time high.
Fartcoin (FARTCOIN) is outperforming other Solana meme coins like Dogwifhat (WIF), Bonk (BONK), and Official Trump. The token’s price has been climbing steadily, thanks to reduced supply on exchanges. According to Nansen data,the number of Fartcoin tokens on exchanges has dropped by 1% this week. Currently, there are 142.5 million tokens on platforms like Kraken, Gate, KuCoin, and Bitget. This decline in exchange supply indicates that more investors are holding onto their tokens rather than selling. The total supply on exchanges is now at 14.08%, down from 15.13% a week ago. This low supply suggests strong investor confidence. For instance, Bonk has 21.2% of its supply on exchanges, while Dogwifhat has 54.76%. The lower supply on exchanges means fewer tokens are available for trading, driving up demand.
Technical analysis shows a strong uptrend. Fartcoin bottomed at $0.2038 in March and peaked at $1.20 on Wednesday.
The coin has formed a cup and handle pattern, with a price target of $1.7590. However, there’s a risk of entering the distribution and markdown phase, which could affect its price.
