The Solana-based meme token FARTCOIN has risen to become the best-performing cryptocurrency today, increasing by 26% in the past 24 hours. The meme token is trading at $1.06 at the time of publication, with daily trading volume rising to over $650 million.
On-chain data reveals increasing buying pressure, indicating that the token's rise may extend in the near term.
208 million reasons that could keep the whales on the FARTCOIN recovery
Data from Nansen shows that the activity of the largest holders has partially contributed to the double-digit rise of FARTCOIN, along with an improvement in broader market sentiment over the past 24 hours.
According to an on-chain data provider, whale wallets holding FARTCOIN worth over $1 million have increased their token supplies by 2% in the last day.
This increase in whale accumulation has reinforced the market's bullish bias and could drive further gains if buying activity continues. As of this report, this group of investors controls 207.42 million FARTCOIN tokens.
Moreover, smart money — addresses that have historically shown profitable or highly skilled trading behavior — have increased their holdings of FARTCOIN over the past day.
According to Nansen data, their supplies increased by 3% during the same period, and this group now holds 19 million FARTCOIN tokens, indicating increased interest from seasoned market participants.
This increase in demand from seasoned investors can lead to increased participation from individual traders, as traders often view whale activity and smart money as a bullish signal.
If inflows from retail to the FARTCOIN spot markets increase in response, this could add further momentum to the meme coin's short-term rally.
The setup for FARTCOIN's price seems ready for a breakout, but risks still remain.
The setup of the Moving Average Convergence Divergence (MACD) indicator for FARTCOIN on the daily chart supports this bullish outlook. As of this report, the token's MACD line (blue) is above the signal line (orange).
Additionally, the green histogram bars have increased in size during the past two trading sessions, indicating that bullish momentum is building.
The MACD indicator identifies trends and momentum in price movement. It helps traders identify potential buy or sell signals through crossovers between the MACD lines and the signal line.
As with FARTCOIN, when the MACD line is above the signal line, it indicates strengthening buying pressure and decreasing selling strength. If this continues, the price of FARTCOIN could exceed $1.74.
On the other hand, if demand decreases, the meme coin may lose its recent gains and drop to $0.74.