The price of Solana Meme Coin Fartcoin increased by 20% today; will it reach $1 next?
Despite the crypto market crisis, the price of the well-known Solana meme coin Fartcoin is rising, rising 20% today. This meme-themed cryptocurrency is thriving with gains from pure hype and technical factors, despite the market not being favored by bulls. It’s interesting to note that experts predict that the same enthusiasm will cause it to spike higher. Is $1 the next goal? Let’s talk about this.
Why is today’s 20% increase in the price of Solana Meme Coin Fartcoin?
One of the most well-known Solana meme coins is Fartcoin, and investors have taken notice of its unusual moniker. Today, the price of Fartcoin is up 20% while the rest of the cryptocurrency market is collapsing, particularly the meme-themed ones.
More importantly, its price has surged nearly 80% over the week, currently trading at $0.8416 with a market capitalization of $841.89M.
This occurred as a result of investors’ renewed interest in the token, which the increasing open interest explains. More significantly, most of the cash is invested in long positions, indicating that investors believe the asset will continue to rise.
Shorts are liquidating at the same time, which causes traders to repurchase the asset and raise its price. It’s interesting to note that there has been a spike in all of the Solana coins, including Bonk, Dogwifhat, and others, today.
The crypto community anticipates that this marks the recovery of investor interest in these struggling digital assets.
Why the Price of Fartcoin Will Reach $1.2
Numerous cryptocurrency gurus predict that the Solana meme coin will continue to grow as the Coinglass liquidation data suggests a further increase. A $1 aim is doable because the token hit a high of $2.61 three months ago. Nonetheless, uncertainty persists as investor mood is influenced by the Trump trade war.
Crypto pundits like Bitcoinconseus and others forecast a $1.2 objective despite the odds. Their study shows that the horizontal resistance has already been broken in the Fartcoin price chart, which is producing a bullish reversal pattern. If the positive trend continues in the face of huge volume, the token may rise to $1.2 or above.
Crypto General, an analyst even anticipates that it will hit $10 in the long crypto bull run, claiming that Fartcoin has bottomed out and consolidated above the breakout level. Another breakout from here would result in a $10 milestone.
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