Amid market uncertainty, the new Solana-based coin Fartcoin (FARTCOIN) has been making waves thanks to 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 defied the market trend, surging 40% and surpassing the market by cryptography.
Current Price Dynamics
FARTCOIN experienced a massive price rally after witnessing a drop of over 57% and finding support at $0.75. With a significant rise in the last 24 hours, FARTCOIN is currently trading near $1.06, attracting considerable attention from traders and investors, resulting in a 145% increase in trading volume.
However, some investors see FARTCOIN like the next BONK or Dogwifhat (WIF) because it is based on the Solana blockchain.
Growing Open Interest (OI)
This surge in interest not only increased trading volume, but also boosted FARTCOIN’s open interest (OI), as reported by on-chain analytics firm CoinGlass. The data revealed that the OI of the newly launched meme coin jumped 44% in the last 24 hours, indicating an accumulation of new open positions.
However, this significant price rise led to the liquidation of $2.11 million 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 managed to find support at $0.75 and break out of the trendline it has been facing since early January 2025.
With this recent breakout, there is a strong possibility that the same coin will 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.