Fartcoin (FART), the popular Solana-based meme coin, has dropped by nearly 16% in the past 24 hours in what has been its fourth consecutive day of negative performance.
Trading volumes have gone down during this 4-day period and currently sits at nearly $293 million, accounting for 39% of the token’s circulating supply.
Fart freely! 💚💨 https://t.co/qGVXV003l7
— Fartcoin💨 (@FartCoinOfSOL) March 26, 2025
FART has been one of the best-performing meme coins in the past month with gains of 118%. The rally has propelled the token to the 6th place in the list of most valuable assets in this category.
During this same period, other tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) whose community of loyal fans is much stronger experienced 7.4% and 2.7% drops respectively.
Meanwhile, interest in Solana-based meme coins in general surged in the past month as reflected by the positive performance of Bonk (BONK) and Popcat (POPCAT) whose 30-day gains currently stand at 11% and 25% respectively.
Solana’s DEXs like Raydium and Orca took the bulk of the trading volumes derived from this temporary hype.
However, FART’s rally shows signs of exhaustion as its daily chart shows that the token retreated after it retested a key area where the selling pressure had been strong weeks ago.
Fartcoin Experiences Strong Selling Pressure Above $0.00197
FART’s daily chart shows that the price dived after it hit the $0.00197 resistance. This was the second time in a brief period that the market sold off the meme coin at this level and this reinforces the relevance of this price zone for traders.
The last time the price action rejected a move above this level, it pushed FART down to $0.0011, which translates into a 22.6% downside potential.
However, double-tops like this tend to push the price of assets to lower lows. Now that the price has moved below the 21-day EMA, bears seem to be in control of the price action.
Despite the drop, momentum indicators are still in positive territory. The Relative Strength Index (RSI) is currently standing above the signal line but seems poised to retest it at any time.
For now, this is a normal mean reversion move. However, if the price losses the $0.0011 support, FART would inevitably hit record lows for the year.
The MACD’s histogram shows that positive momentum has been decelerating in the past three days. If the oscillator moves to negative territory, it would mean that the correction has gained traction and would further confirm a bearish short-term outlook for Fartcoin.
The success of meme coins like FART and their impact on the performance of other Solana tokens and SOL itself highlights the huge potential that this network has to become the leading ecosystem for this asset category and possibly others.
However, the Solana blockchain has experienced congestion issues in the past during peak usage times.
Solaxy (SOLX), a layer-two scaling protocol for Solana, has emerged as the best solution to this issue. Investors have poured over $30 million into this project already and you still have a chance to invest before the presale event ends.
Solaxy (SOLX) Makes Solana More Efficient by Alleviating the Mainnet’s Burden
Back in January when TRUMP and MELANIA were launched, Solana delivered transaction errors and delays that affected both users and exchanges.
To fix this issue, Solaxy has developed a side chain that processes Solana transactions offline and bundles them before sending them to the mainnet.
The developing team has already shared exciting news about their progress in launching the L2.
They have partnered with top blockchain companies like Sovereign Labs and Hyperlane to test Solaxy in the Solana devnet and have reported back satisfactory results to $SOLX investors.
Once this protocol becomes widely adopted by top wallets and exchanges, the demand for $SOLX, the L2’s native asset, will likely explode.
Presale investors will be positioned favorably to reap the highest returns once Solaxy reaches this stage.
To buy $SOLX, simply head to the Solaxy website and connect your wallet. You can either swap SOL, USDT, or ETH or use a bank card to make your investment.
