Amid market uncertainty, the recently 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 seen a massive price surge after witnessing a decline of over 57% and finding support around $0.75. With a significant increase in the last 24 hours, FARTCOIN is currently trading around $1.06, attracting significant 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 surge in interest has not only increased trading volume, but also increased FARTCOIN’s open interest (OI), as reported by on-chain analytics firm CoinGlass. Data showed that the OI of the newly launched meme coin increased by 44% in the last 24 hours, indicating a build-up of new open positions.
However, this significant price increase has led to the liquidation of $2.11 million in 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 around $0.75 and has broken the trendline it has been dealing with since early January 2025.
With this recent breakout, there is a high chance that the meme coin can continue its upward momentum and gain another 45% to reach the $1.60 level in the future.
On the upside, FARTCOIN’s Relative Strength Index (RSI) is below the overbought zone, indicating that the asset still has room to continue its upward momentum.