Fartcoin price held steady on Monday as the stock and crypto markets crashed due to the ongoing trade war.
Fartcoin (FARTCOIN), a top Solana meme coin, was trading at $0.4755, up by 35% from its lowest level this month. It has outperformed Bitcoin (BTC) and other altcoins like Solana (SOL) and Cardano (ADA) as it has surged by 135% from the year-to-date low.
Fartcoin has potential catalysts that may push its price higher in the near term. The first is that investors have continued accumulating the token despite the ongoing crypto sell-off. Nansen data shows that the number of tokens on exchanges has dropped over the past few days.
Exchange balances fell by 3.62% in the last seven days to 138.65 million, down from 143.86 million a week ago. Net flow to exchanges was minus 2 million, indicating that investors are moving their tokens from exchanges to self-custody.
Additional data by CoinCarp shows that the number of Fartcoin holders has remained steady in recent days. It currently has over 113,395 holders, suggesting many investors have not sold during the ongoing market crash.
Further, data shows that recent Fartcoin profit leaders are maintaining their positions, a signal that they expect the price to keep rising. As the chart below shows, most of the top-performing wallets in the last seven days are not selling.
Fartcoin price has strong technicals
The four-hour chart shows that the Fartcoin token has bullish technicals that could push its price higher over time. It has formed a descending channel over the past few days and is now hovering near the upper boundary.
This channel forms the handle section of a cup and handle pattern, a popular bullish continuation setup. This particular pattern has a depth of 72%, suggesting that the token may rebound to $1.2286. That target comes from measuring the same distance from the upper side of the cup and represents a 160% increase from current levels.
A crash below the lower side of the channel at $0.355 would invalidate the bullish view and point to further downside, potentially toward $0.20.
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