Fartcoin (FARTCOIN), a popular Solana-based meme coin, is currently gaining market attention due to recent investor buying activity. Today, Lookonchain spotted a whale who purchased 2 million FARTCOIN tokens worth $1.7 million at an average price of $0.857.
Whales buying the market dip
This whale’s activity suggests that large investors are renewing purchasing activity in the Fartcoin market. Looking at the trading chart, the token has been down 6.9% over the past week. This means that whales are capitalizing on recent price declines to accumulate huge quantities of tokens.
Fartcoin, the sixth-largest meme coin, has recently been one of the best-performing virtual currencies in the digital asset market, outperforming several prominent tokens. Launched in last year October, the meme coin has recorded a price growth of over 350%. This is a positive sign and the reason FARTCOIN is gaining increasing user interest, especially from savvy investors targeting potential upcoming tokens.
FARTCOIN price updates
Several on-chain indicators, including the recent token accumulation, suggest that FARTCOIN is likely to experience a price surge. First, the altcoin is today trading at $0.8229, up 5.1% over the past 24 hours. Despite the jump, its value has been down 6.9% in the past seven days. This downtrend came after the asset had been seeing an uptrend for several weeks. Its price had been up 79.1% and 132.1% in the past two weeks and one month ago, respectively. Today’s price hike shows that market sentiment is improving as investors are showing increased confidence in the asset, suggesting a possible price recovery.
Secondly, the recent decline in FARTCOIN’S price came as part of substantial profit-taking by whales and traders. However, this market dip has created an opportunity for long-term buyers to start accumulating the tokens at a discount. This buying activity is likely to lead to an upturn movement and more confidence in the market.
On the third perspective, today, Open Interest (OI) on FARTCOIN increased by 0.77% from yesterday, according metrics from Coinglass. Typically, an increase in OI indicates that derivatives traders are putting long positions in the FARTCOIN market. This means that they are creating new positions in the market, positioning themselves for potential price surge.
Lastly, the asset is currently showing a cup-and-handle pattern formation in its daily timeframe. This is a strong bullish indicator, indicating that its renewed bullish momentum is set to continue. This means that FARTCOIN is preparing to see a rise, possibly breaking the resistance levels of $0.906093 and $0.974322 soon.
