The digital currency FARTCOIN, based on the Solana
$202 blockchain, has demonstrated an attention-grabbing performance by rising 26% in the last 24 hours, reaching a price of $1.06. Its trading volume also soared beyond $650 million. On-chain data indicates an increase in buying pressure, suggesting that this upward trend could continue in the short term.
Whales and Significant Investments
Data from the analytics firm Nansen reveal that large investors, colloquially known as “whales,” who have invested significant amounts in FARTCOIN, played an important role in the recent developments. The amount of FARTCOIN held by these whales increased by 2% over the past day. Currently, this group of investors holds a total of 207.42 million FARTCOIN.
This development has strengthened market expectations for a rise. If the buying trend continues, prices might rise in the short term. On-chain data indicates that whales appear to have been at the forefront of the price increases.
“Whale wallets are observed to be increasing their FARTCOIN supply. This can support the price.” – Nansen
Moves by Savvy Investors
Furthermore, Nansen data reports that investors categorized as “smart money,” having demonstrated profitable and experienced behavior in the past, are also increasing their FARTCOIN holdings. This group has increased their holdings by 3%, reaching a total of 19 million tokens. This growth signifies heightened interest from seasoned market investors.
“The interest of savvy investors may boost retail investor participation.” – Nansen
The interest of experienced investors is generally perceived as a positive signal for individual participants. Should individual investors shift towards FARTCOIN following recent developments, it is anticipated that the short-term upward momentum could gain strength.
Technical Outlook and Price Scenarios
The MACD indicator used on FARTCOIN’s daily price chart reflects an intensifying upward trend. The token’s MACD line is currently situated above the signal line. The growth of green histogram bars over the last two trading days is considered another indicator of increasing bullish momentum.
The MACD indicator is utilized to measure trends and momentum in price movements. As long as the MACD line stays above the signal line, it is accepted that buying pressure increases while selling movements weaken. Maintaining this outlook for FARTCOIN, the price could rise to $1.74.
“The MACD indicator signals increased buying demand. As a result, the price may reach a new level.” – TradingView Analysis
However, if there is a decline in demand, it is suggested that FARTCOIN’s price might lose recent gains and fall to as low as $0.74. Market commentators emphasize the necessity for investors to be mindful of potential risks, stressing that FARTCOIN’s recent performance is closely linked to the actions of large investors.
