Fartcoin (FART) has become the second largest meme coin in the Solana ecosystem and could soon surpass Bonk (BONK) as its market capitalization currently stands just 12 below the latter’s.
FART has defied the market’s downtrend as its price has risen by 150% in the past 30 days. The rally has, ironically, been exacerbated by its lack of utility and practical use.
As most well-established meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have tanked this year despite their robust ecosystems and online community, FART emerged as a testament to the power of FOMO and internet virality.
Its trading volumes have jumped by 23% today as traders seem to be taking advantage of a 1.3% 24-hour drop to get their hands on the token at a cheaper price.
At their current levels, a bit over 50% of FART’s circulating supply has exchanged hands in the past day.
BONK, POPCAT, and dogwifhat, which are also Solana-based tokens, have benefited from the Fartcoin price as their market value has expanded by 24.5%, 79.6%, and 24.1%, respectively, in the past 7 days. Meanwhile, Official Trump (TRUMP), the President’s meme coin, has experienced milder gains of 0.9%.
Decentralized exchanges (dApps) within the Solana ecosystem have benefited from FART’s rally as well. Data from DeFi Llama shows that DEX volumes have been steadily rising in the past four weeks, moving from $8.3 billion during the week that started on March 18 to $15.1 billion last week.
FART Needs to Stay Above $0.35 to Keep Rallying
Looking at Fartcoin’s daily chart, the price has been on an ascending price channel since the beginning of March and made a higher high last Friday when it closed at $0.8718.
However, momentum indicators are heavily stretched as the Relative Strength Index (RSI) is coming near overbought levels.
Meanwhile, momentum has been decelerated recently, as shown by the MACD’s histogram, which has flashed multiple light green bars in the past few days.
This is an early indication that FART could soon face a correction after a month-long price surge.
The most relevant area of support to watch stands at the $0.35 to $0.40 level. A controlled descent to these levels followed by a bounce would confirm the continuation of the ascending price channel.
A bullish forecast would see FART rising to at least $1.25 if the price channel remains unbroken. Meanwhile, a break below the $0.35 level could risk a huge decline to the $0.20 level, meaning a 43% downside risk.
The Solana ecosystem has been the preferred choice for meme coin creators to launch their tokens, as it offers fast transaction execution speeds and low fees.
However, the network has experienced congestion issues in the past. A new crypto presale called Solaxy (SOLX) aims to fix that issue by introducing the first layer-two scaling protocol for the Solana blockchain.
Best Crypto to Buy: Solaxy (SOLX) Prepares to Wrap Up its Presale Event with $30M Raised
Solaxy (SOLX) is an L2 chain that bundles Solana transactions offline to alleviate the mainnet’s burden during peak usage times.
The developing team has made significant advancements to test the side chain in the Solana dev net in collaboration with top blockchain companies like Sovereign Labs and Hyperlane.
$SOLX is the native asset of the Solaxy L2. Once the protocol is adopted by top wallets and exchanges, the demand for this utility token will increase significantly.
On top of the huge upside potential that SOLX offers, its staking rewards currently sit at 134%. This means that investors can earn passive income on their holdings while they also contribute to secure the L2.
To buy $SOLX, simply head to the Solaxy website and connect your wallet. You can either swap SOL, USDT, or ETH for this token or use a bank card to make your investment.
