The Fartcoin crypto price has moved sideways and formed a symmetrical triangle pattern, signaling an eventual double-digit gain in July. The token was trading at $1.0930 on July 8, down by 33% from its highest point in May.
Fartcoin Crypto Price Triangle Signals a Rebound is Coming
The daily timeframe chart shows that the Fartcoin crypto price bottomed at $0.1973 in March this year and then embarked on a strong 780% recovery. This recovery contributed to the Solana meme coin rally that happened between April and May.
Fartcoin price formed a cup-and-handle-like chart pattern with a depth of about 90%. It is now forming the handle section of this pattern, which comprises a symmetrical triangle formation. The two sides of this triangle are nearing their confluence, which could lead to a bullish breakout.
A symmetrical triangle pattern can lead to a bullish breakout in either direction. One way to predict the most likely outcome is to consider the original direction, which, in this case, was bullish.
A bullish breakout will initially lead to a jump to the key resistance level at $1.6381, its highest level in June. This target price is about 51% above the current level. A surge above this level will likely signal further gains, potentially reaching the all-time high of $2.7300, which is approximately 152% above the current level.
On the flip side, a drop below the support level at $0.8085, its lowest level on June 22, will invalidate the bullish outlook.
Fartcoin Token Futures Open Interest is Rising
Meanwhile, Fartcoin’s fundamentals are starting to align, which could contribute to the bullish outlook. CoinGlass data shows that the futures open interest has started rising even as the price has dropped recently.
Its futures open interest stood at $730 million on July 8, the highest level since June 12 this year. This figure is much higher than last month’s low of $541 million.
Most of the open interest, worth over $240 million, was on Hyperliquid. Other exchanges like Bybit, Binance, and Bitget followed this with over $80 million in interest.
A rising open interest indicates that the token has become more liquid, with demand among market participants increasing.
The same trend is also evident in spot volume, which has increased over the last three consecutive days. Its volume jumped to $2.1 billion, up from the weekend low of $930 million.
CoinGecko data shows that its volume was higher than that of other larger meme coins, such as SPX6900, Official Trump, and Shiba Inu.
Also Read: SUI Price Prediction: Bullish Breakout Could Trigger Rally to $4
Smart Money is Accumulating Fartcoin
Another bullish catalyst for the Fartcoin crypto price is that smart money investors are accumulating it. These investors comprise retail and institutional investors who have a record of executing profitable trades.
Data shows that smart money investors now hold over 14.5 million Fartcoin tokens, a big increase from last month’s low of 13.47 million. The same is happening among the top 100 addresses, who have increased their positions by 4.18% in the last 30 days to over 531 million.
Additionally, Fartcoin price will benefit if Solana breaks out, as some analysts predict. The primary catalyst for Solana is that the SEC appears poised to approve spot SOL ETFs by October this year.
The Bottomline
Fartcoin has become one of the most popular Solana meme coins with a market capitalization of over $1 billion. While it remains in a bear market, its cup-and-handle pattern points to an eventual 50% surge. ]\A move above the cup’s upper side may open the door for a jump to its all-time high.
Fartcoin also boasts strong fundamentals, including ongoing accumulation by smart money investors, soaring futures open interest, and high volume. As a top Solana token, it will also rebound if SOL surges before and after the ETF approvals.
