‘Hot Air Rises’: Crypto Trader Says Solana-Based Memecoin That’s Up 220%+ in a Month Primed To Go Much Higher

A closely followed crypto analyst believes one Solana (SOL)-based meme token is gearing up for further swings to the upside.

A closely followed crypto analyst is breaking down one Solana (SOL)-based meme token that he says could be heating up for further swings to the upside.

Pseudonymous trader Altcoin Sherpa tells his 244,000 followers on X, formerly Twitter, that artificial intelligence (AI)-based Fartcoin (FARTCOIN) will likely slice through the $1 resistance level after notching massive gains over the past month.

However, he says the meme asset may first return to the .382 Fibonacci retracement level at $0.70. Fibonacci retracement levels are used in technical analysis for determining an asset’s support and resistance levels.

“Don’t have much of an opinion on Fartcoin at current level; would probably wait to buy on a break of $1 or at $0.70. Still think this one goes much higher later but not sure in the short term. Regardless, hot air rises and this is the meme of the cycle in my opinion.”

Fartcoin is trading for $0.871 at time of writing, up 220% from March 18th when the token was valued at $0.267.

Next up, the analyst says that Popcat (POPCAT), another SOL-based memecoin, may continue declining until hitting the Fibonacci retracement level around $0.23 before reversing course and skyrocketing.

“POPCAT hoping to grab an entry at the $0.23 region, let’s see if it comes. Might scalp before then though.”

Popcat is trading for $0.24 at time of writing, down 6.9% in the last 24 hours.

Generated Image: DALLE3

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