Fartcoin, the third-biggest meme coin on the Solana ecosystem, fires on all cylinders as charts signal more upside
Fartcoin (FARTCOIN) has jumped to $0.60, its highest level since February 11, and is up 180% from its lowest level this year. This rebound has pushed its market cap to $510 million.
The ongoing rebound has coincided with the ongoing Solana (SOL) meme coin recovery. Bonk (BONK) has jumped by 35% in the last seven days, while Dogwifhat (WIF), and Popcat (POPCAT) have soared by over 20%. As a result, the market cap of all Solana meme coins has jumped from $7.5 billion last week to $8.6 billion today.
It has also happened as other cryptocurrencies have bounced back. Bitcoin has crossed the $88,000 milestone, while Ethereum has moved above $2,000. Most altcoins have also rebounded, with the market cap of all cryptocurrencies hitting $2.87 trillion.
The rally accelerated on Monday after media reports suggested that Donald Trump’s reciprocal tariffs would exclude highly industrial items like cars, semiconductors, and smartphones. This also explains why U.S. equities jumped, with the Dow Jones, Nasdaq 100, and S&P 500 rising by over 1.5%.
Launched in October last year, Fartcoin was one of the best-performing meme coins in the crypto industry as it jumped from $0.012 to $2.70. Its market cap rose from less than $22 million shortly after launch to over $2.4 billion.
Fartcoin price has formed a bullish pattern
The daily chart shows that Fartcoin bottomed at $0.2015 this month and then staged a slow recovery to the current $0.60. It is hovering at its highest level since February.
Fartcoin is also trading at the 78.6% Fibonacci retracement level. Most importantly, it is forming a rounded bottom pattern, which is characterized by a gradual, U-shaped curve. This pattern often signifies a shift in market sentiment as selling pressure eases. In some instances, the rounded bottom is a crucial part of the formation of a cup and handle pattern.
Momentum indicators like the Relative Strength Index and the MACD have pointed upwards, meaning that it is gaining momentum. Therefore, it will likely continue rising as bulls target the key resistance point at $1.3732, the 50% retracement point. This target is about 135% from its current level.
