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Key Insights:
- Fartcoin price has recently entered a bear market.
- It has formed a cup-and-handle chart pattern on the daily chart.
- Smart money investors continue accumulating the token.
Fartcoin crypto has moved sideways and formed a symmetrical triangle pattern. This signals an eventual double-digit gain in July. The token was trading at $1.0930 on July 8, down by 33% from its highest point in May.
Fartcoin Crypto Price Triangle Signals a Rebound is Coming
The daily timeframe chart shows that the Fartcoin price bottomed at $0.1973 in March this year. Then, it embarked on a substantial 780% recovery. This recovery contributed to the Solana meme coin rally between April and May.
Fartcoin crypto formed a cup-and-handle-like chart pattern with a depth of about 90%. It is now creating the handle section of this pattern, comprising a symmetrical triangle formation. The two sides of this triangle are nearing their confluence, which could lead to a bullish breakout.
A symmetrical triangle pattern can lead to a bullish breakout in either direction. One way to predict the most likely outcome is to consider the original direction, which, in this case, was bullish.
A bullish breakout will initially lead to a jump to the key resistance level at $1.6381, its highest level in June. This target price is about 51% above the current level.
A surge above this level will likely signal further gains. It could reach an all-time high of $2.7300, approximately 152% above the current level.
If the Fartcoin price falls below $0.8085, it breaks the key support level seen on June 22. That would cancel the bullish scenario and signal possible downside movement.
Fartcoin Crypto Futures Open Interest is Rising
Meanwhile, the fundamentals of Fartcoin crypto are starting to align. This could contribute to the bullish outlook. CoinGlass data shows that the futures open interest has started rising even as the price has dropped recently.
Its futures open interest stood at $730 Million on July 8, the highest level since June 12. This figure is much higher than last month’s low of $541 Million.
Most of the open interest, worth over $240 Million, was on Hyperliquid. Other exchanges like Bybit, Binance, and Bitget followed this with over $80 Million in interest. A rising open interest indicates that the token has become more liquid, increasing demand among market participants.
The same trend is also evident in spot volume, which has increased over the last three days. Its volume jumped to $2.1 Billion, up from the weekend low of $930 million.
CoinGecko data shows its volume was higher than that of other larger meme coins. This includes SPX6900, Official TRUMP, and Shiba Inu.
Smart Money are Accumulating Fartcoin Crypto
Another bullish catalyst for the Fartcoin crypto is that smart money investors are accumulating it. These investors comprise retail and institutional investors with a record of executing profitable trades.
Data shows that smart money investors now hold over 14.5 million Fartcoin tokens. It’s a big increase from last month’s low of 13.47 million. The same happens among the top 100 addresses. They have increased their positions by 4.18% in the previous 30 days to over 531 million.
Additionally, as some analysts predict, the Fartcoin price will benefit if Solana breaks out. The primary catalyst for Solana is that the SEC appears poised to approve spot SOL ETFs by October this year.
Fartcoin crypto has become one of the most popular Solana meme coins with over $1 Billion in market capitalization.
While it remains in a bear market, its cup-and-handle pattern points to an eventual 50% surge. A move above the cup’s upper side may open the door for a jump to its all-time high.
Fartcoin also boasts strong fundamentals, including ongoing accumulation by smart money investors, soaring futures open interest, and high volume. As a top Solana token, it will rebound if SOL surges before and after the ETF approvals.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
