Solana-based meme coin FARTCOIN has seen a 20% surge in its price over the past 24 hours, making it the market's top gainer. The meme token currently trades at $1.45, inching closer to its all-time high of $1.61.
With a bullish technical setup, FARTCOIN might retest its peak and rally further in the near term.
FARTCOIN Surges on Bullish Pressure
According to Benzinga Pro's analysis, FARTCOIN's Balance of Power (BoP) reflects the bullish bias that the meme coin enjoys. As of this writing, this indicator is on the rise at 0.53.
An asset's BoP gauges the strength of its buyers versus sellers in the market over a specific period. In the case of FARTCOIN, a positive and increasing BoP indicates rising buying力が the market. This signals bullish momentum and the potential for a sustained uptrend in the asset's price.
Moreover, the recent price surge has pushed FARTCOIN to trade significantly above its Ichimoku Cloud. At press time, the meme coin is trading above the Leading Spans A and B of this key indicator, which have formed dynamic support levels at $1.10 and $0.87, respectively.
The Ichimoku Cloud tracks the momentum of an asset's market trends and identifies potential support/resistance levels. When an asset trades above this cloud, it indicates an uptrend in the market. In this scenario, the cloud acts as a dynamic support zone, reinforcing the likelihood of continued upward movement as long as the price remains above it.
FARTCOIN Price Prediction: New All-Time High Coming?
If this uptrend continues, FARTCOIN could revisit its all-time high of $1.61 in the near term. With sustained buying pressure, it could rally to a new all-time high.
However, if selloffs return, this bullish outlook is invalidated. In that case, FARTCOIN's price will📉 to $1.03.
