Why is the Solana Meme Coin Fartcoin Price Rally 21% Today?

Solana Meme Coin Fartcoin Price Surged 21% Today, Will it Hit $3 Next?

Fartcoin (FART) , the meme coin that keeps giving, is in the news again, having risen over 21% in the past 24 hours and confidently above the $1 psychological level. The surge follows a rally in the broader market led by Bitcoin's surge to $88,000, its highest price for over three weeks. As bullish sentiment returns, so does the interest of investors in memecoin.

As of April 22, the bigger capitalizations of the crypto market hover around $2.77 trillion, noting an upward movement of about 0.40% from the previous day. Against such a backdrop, Fartcoin is basking in the limelight with technical indicators foreseeing the potential for a significant rally.

Fartcoin’s 411% Rebound from Lows Signals Trend Reversal

Fartcoin had nosedived by 92% from its all-time high of $2.74 on January 19 before it began to exhibit any signs of recovery as early as early March. FART surged over 411% on March 10 and has been forming higher highs and higher lows-most a textbook bullish confirmation of trend reversal.

This day saw FART touch an intraday high of $1.09, the highest value achieved since the fall in January, but the price action has deeper storylines to tell.

Cup and Handle Formation Confirms Bullish Continuation

The emergence of a strict Cup and Handle pattern on the daily chart has become quite bullish continuation. This is the pattern that started working from the end of January, as a rounded bottom deepening until the end of March. It was then followed, short-term, by a declining handle that has just broken to the upside with heavy volume.

Source: TradingView

The breakout candle is confirmed by the heavy buying in it as it continues to market positively. The Relative Strength Index (RSI) is at 67.65, nearly in the overbought region; it is expected to go before a significant pullback.

All Major EMAs Flash Bullish Signals

The FARTCOIN price is moving far above its 20-day, 50-day, 100-day, and 200-day EMAs. A golden crossover has already established itself over this time frame and has characterized the bullish market segment and long-term investor confidence. A confirmation of the upward trend is suggested by the large alignment of these technical indicators towards sustaining the uptrend, especially supported by the breakdown by trading volume.

Price Target: How High Can Fartcoin Go?

Utilizing the Cup and Handle pattern for upside potential projection, we add the depth of the cup ($2.20) to the breakout point located around $0.90; therefore, the mid-term price target is somewhere close to $3.10. 

However, some resistance will likely be faced at two important levels before Fartcoin reaches its target level:

• $1.30 – A minor supply zone, where short-term traders can be expected to take profits. 

• $1.75 – Strong resistance linked to historical price action before the drop in January. 

If FARTCOIN breaks through these resistance levels, coupled with robust buyers and some support from the general market, the case for a wonderland above $3.00 becomes that much stronger.