Fartcoin (FARTCOIN) is one of the few meme coins performing negatively today as it has retreated by 2.8% in the past 24 hours while other assets are rallying.
Trading volumes are still quite high at $311 million and currently account for nearly a third of the token’s circulating supply.
The aggregated market cap of meme coins has surged by 22.8% in the past week, aided by the stellar performance of tokens like FARTCOIN, whose weekly gains stand at 40%, while other Solana-based meme coins such as TRUMP and WIF have also experienced huge upticks of 76% and 58%.
Although their annual losses are still quite high, this latest rally has been accompanied by strong volumes while buy signals have been flashing all over as technical indicators have improved significantly in the past few days.
The combined value of the top 5 Solana-based meme coins currently sits at $6.3 billion, meaning that these five tokens are nearly as valuable as Shiba Inu (SHIB), the second-largest asset in this category.
The Solana network has solidified its stance as the home of meme coins since President Donald Trump chose this blockchain to launch his iconic token, Official Trump (TRUMP).
FARTCOIN Faces Strong Selling Pressure at $1.20
Fartcoin is currently the sixth most valuable meme coin and the third with the highest market cap in the Solana ecosystem.
Although FARTCOIN has experienced some weakness recently, the crypto community believes that upcoming exchange listings could propel its price to even higher levels.
For now, FARTCOIN has not been listed in the spot market of major exchanges like Binance or Coinbase. Meanwhile, only Binance and Kraken – among the largest CEXs – are currently offering access to perpetual futures for the token.
If any of these venues decide to list the token, this could result in a significant spike in its price as trading volumes will surge overnight.
Looking at the hourly chart, we can identify some key areas of support and resistance that will be critical to determine where FARTCOIN could be heading in the next few days.
First up, the market’s structure is bearish as the price has made multiple lower highs since Tuesday. However, FARTCOIN has found strong support at the $1.02 level in this lower time frame.
It has already bounced off this area four times, but every bounce has delivered weaker gains than the previous, meaning that bullish momentum has weakened.
There seems to be strong selling pressure as the price gets to the $1.20 area, so this is the most critical resistance to watch in the near term.
Another sharp drop after the price touches this price level could result in a retest of the $1.02 support and a bearish breakout, as order blocks at this level could have been fully filled already.
As Solana meme coins attract higher and higher volumes, users and exchanges may face some congestion issues. Solaxy (SOLX) fixes this by introducing a layer-two scaling protocol for this popular blockchain.
Solaxy (SOLX) Enters Late Stage of Its Presale with More Than $31M Raised
Back in January, when TRUMP was launched, Solana struggled to keep up with higher transaction volumes.
Solaxy has launched its testnet already and a block explorer for users to track in real-time how its L2 is performing ahead of the mainnet launch.
This project bundles transactions offline before sending them to the Solana blockchain to alleviate its burden and increase its efficiency.
$SOLX is the utility token of this L2. As wallets and exchanges embrace Solaxy, the demand for its native asset will skyrocket.
In addition, investors who lock their assets to help secure the network will receive handsome staking rewards. The annual percentage yield (APY) offered by $SOLX at the moment stands at 127%.
To buy $SOLX, simply head to the Solaxy website and connect your wallet. You can either swap SOL or USDT for this token or use a bank card to make your investment.
