The cryptocurrency market has experienced a significant downturn, with Fartcoin, a Solana-based meme coin, being one of the most affected. According to market data, the Fartcoin price fell by around 20% in the last 24 hours, extending a longer-term decline that has seen the asset lose 68% over the past 12 months.
Fartcoin’s Price Decline
The price of Fartcoin (FART) fell below $0.30, with trading volume increasing by 28% in the last 24 hours, representing 43% of the asset’s circulating market capitalization. This surge in trading volume suggests intense two-way activity and likely forced or panic selling at resistance. Technical charts show Fartcoin facing rejection at resistance and drifting toward support, with a breakdown risking further losses while a recovery could reset the range.
A key factor contributing to Fartcoin’s decline is the renewed selling pressure on Solana-based meme coins. The increased trading volume relative to market capitalization indicates that investors are actively selling their holdings, leading to a decline in price. Furthermore, the asset’s price has been trading within a defined range for a long period, and a break below the current support level could lead to further losses in the short term.
Technical Analysis
A cryptocurrency trader published technical analysis indicating that the price of Fartcoin faced resistance at an important level, suggesting the possibility of further declines. The analysis suggested that the price could face additional downside risk in the coming days based on the current chart patterns.
According to industry performance data, Fartcoin’s 24-hour decline exceeded the average loss among Solana meme coins by about four times. Other tokens in this category also recorded losses during the same period. The token posted gains between April and July before experiencing its current decline, highlighting the volatility of the cryptocurrency market.
Market Outlook
The current market trend suggests that Fartcoin’s price will continue to face downward pressure. However, a rise above the resistance area could challenge the current downtrend, according to technical analysis. Investors should exercise caution and conduct thorough research before making any investment decisions. For more information on Fartcoin and the cryptocurrency market, visit https://crypto.news/fartcoin-price-bulls-lose-key-support-as-solana-meme-coin-drops-below-0-30/
