Amid market uncertainty, the newly launched Solana-based meme coin, Fartcoin (FARTCOIN), has been making waves with its impressive performance.
Fartcoin (FARTCOIN) Defies the Crypto Trend
Today, January 14, 2025, while major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and XRP, are struggling, FARTCOIN has defied the market trend, surging 40% and topping the crypto market.
Current Price Momentum
FARTCOIN has experienced a massive price surge after witnessing a decline of over 57% and finding support at the $0.75 mark. With a significant surge in the past 24 hours, FARTCOIN is currently trading near $1.06, attracting considerable attention from traders and investors, resulting in a 145% jump in trading volume.
However, some investors see FARTCOIN as the next BONK or Dogwifhat (WIF) as it builds on the Solana blockchain.
Rising Open Interest (OI)
This rise in interest has not only increased trading volume but also boosted FARTCOIN’s open interest (OI), as reported by the on-chain analytics firm CoinGlass. Data revealed that the newly launched meme coin’s OI has surged by 44% in the past 24 hours, indicating a buildup of new open positions.
However, this significant price rally has led to the liquidation of $2.11 million worth of traders’ open positions, with $1.90 million coming from short sellers and only $0.30 million from long positions.
Fartcoin (FARTCOIN) Price Prediction
According to expert technical analysis, FARTCOIN has successfully found support at the $0.75 mark and has broken out of a trendline it had been facing since the beginning of January 2025.
With this recent breakout, there is a strong possibility that the meme coin could continue its upward momentum and gain another 45%, reaching the $1.60 level in the future.
On the positive side, FARTCOIN’s Relative Strength Index (RSI) is below the overbought zone, indicating that the asset still has room to continue its upward momentum.
