The Solana-based meme coin FARTCOIN has once again claimed its spot as the market’s top gainer, surging to a two-month high of $0.73.
It has seen an impressive 39% price increase over the past 24 hours, reflecting a notable uptick amid an otherwise declining market.
FARTCOIN plunged to a year-to-date low of $0.19 on March 10. This presented a buying opportunity for the meme coin holders, who have since increased their buy orders for the token. Trading at a two-month high of $0.72 as of this writing, FARTCOIN’s value has since soared by 279% in the past month.
On the daily chart, FARTCOIN’s triple-digit rally has pushed its price above the Leading Span A (green line) of its Ichimoku Cloud. The strengthening bullish momentum is now driving the altcoin toward the Leading Span B (red line) of this indicator, a breakout of which would further validate FARTCOIN’s current bull run.
The Ichimoku Cloud tracks the momentum of an asset’s market trends and identifies potential support/resistance levels.
When an asset’s price breaks above Leading Span A and is poised to break above Leading Span B, it signals a strengthening bullish trend. This hints at the potential for further upward movement as FARTCOIN moves into a more favorable market position.
Further, the altcoin’s Chaikin Money Flow (CMF) remains above the zero line, confirming the preference for FARTCOIN accumulation over selloffs. At press time, this momentum indicator, which measures how money flows into and out of an asset, is at 0.13.
A positive CMF reading during a rally like this indicates strong buying pressure and market participation, as the volume of buy orders outweighs sell orders. This suggests that FARTCOIN’s rally is supported by solid demand, reinforcing the sustainability of the upward movement.
Since its rally began on March 10, FARTCOIN has traded within an ascending parallel channel. This bullish pattern confirms the growing demand for the meme coin.
If buying pressure strengthens, FARTCOIN could extend its gains. In that case, its price could break above the Leading Span B, which currently forms a dynamic resistance above its price. A successful break above this level could propel the token toward $1.
However, if profit-taking resumes, this bullish projection will be invalidated. In that scenario, meme coin FARTCOIN’s price could dip to $0.54.
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