FARTCOIN, a meme coin rooted in the Solana ecosystem, has experienced a remarkable 20% surge in the last 24 hours, making it the leading market gainer. Currently trading at $1.45, FARTCOIN hovers just shy of its historical peak of $1.61, suggesting potential for further gains.
The bullish technical setup indicates that FARTCOIN might retest its previous highs and potentially surpass them soon. This optimism is underpinned by the coin's Balance of Power (BoP), which presently sits at an upward-trending 0.53.
BoP serves as an indicator of an asset’s buying versus selling strength over a given timeframe. A positive and increasing BoP, as observed with FARTCOIN, suggests mounting buying pressure and hints at sustained bullish momentum. This could lead to a continued price ascent.
Recently, the price escalation has driven FARTCOIN above its Ichimoku Cloud, a key gauge of market trends and resistance/support levels. Trading above the Leading Spans A and B, the coin currently finds dynamic support at $1.10 and $0.87, bolstering its potential for further upward movement as long as it maintains this position.
Should the uptrend persist, FARTCOIN could soon challenge its all-time high of $1.61 and possibly set a new record if buying intensity continues to grow.
Conversely, a resurgence of selloffs could derail this bullish perspective, pushing FARTCOIN’s price down to $1.03. The ongoing dynamics fuel anticipation for potential peaks.