FARTCOIN Price Nears $2 After Open Interest Soars to Record Levels

Key Takeaways

• FARTCOIN has surged 170% in 30 days and has become the best performer among the top 100 cryptocurrencies.
• Open Interest has skyrocketed to $250 million, signaling that traders have increased exposure to the memecoin.
• Technical indicators are flashing bullish signals, with the MACD showing a golden cross and the RSI climbing.
• If momentum holds, FARTCOIN could break above $1.27 and $1.52, potentially targeting $1.92 or even $2.

Fartcoin (FARTCOIN), the Solana-based memecoin that crashed to $0.20 in March, looks set to close April with a bang.

Over the past 30 days, FARTCOIN’s price has soared by 170%, climbing to $1.17 and securing its spot as the best-performing crypto among the top 100.

But the surge isn’t limited to just its price. Other key metrics also record impressive gains.

In this analysis, CCN breaks down what’s fueling FARTCOIN’s explosive comeback—and what could happen next for its price.

FARTCOIN Goes From Crash to Comeback

Towards the end of last month, FARTCOIN’s Open Interest (OI) was less than $100 million. According to Santiment, the same metric is on the brink of hitting $250 million today.

This figure represents the highest OI level since FARTCOIN was created in 2024. For those unfamiliar with it, OI refers to the value of the sum of all open contracts in the market.

When it rises, it indicates that market participants in the derivatives market are increasing their exposure to a cryptocurrency. On the other hand, a decline suggests a surge in position closures, which is typically a bearish signal.

From a trading perspective, the rise in FARTCOIN’s price and Open Interest indicates strength for the uptrend. As such,  if the OI continues to rise, the memecoin’s value might also hit a higher value, bringing it closer to the $2 mark.

Momentum Remains Bullish

Beyond the OI, the Moving Average Convergence Divergence (MACD) on the daily chart also supports an extended uptrend. The MACD is a technical oscillator that measures momentum and trend.

When the reading is positive, it indicates bullish momentum. On the other hand, a negative reading of the MACD signifies bearish momentum.

Also, CCN observed that FARTCOIN has maintained the golden cross on the indicator. For context, a golden cross occurs when the shorter Exponential Moving Average (EMA) crosses above the longer one.

In this case, the 12 EMA (blue) crossed over the 26 EMA (orange). If this position remains the same, the bullish momentum could push FARTCOIN’s price higher.

FARTCOIN Price Analysis: New Highs Possible

Looking at the daily chart again, we observed that FARTCOIN is going through a U-shaped recovery, which could continue to drive it higher. In the timeframe, the Relative Strength Index (RSI) rose to $67.34, indicating bullish momentum around the cryptocurrency.

Also, the green line of the Supertrend indicator is positioned below FARTCOIN’s price. This indicates a buy signal.

Assuming the red line of the Supertrend is above the price, then it would have been a sell signal. Should this trend remain the same, FARTCOIN’s price could breach the support at $1.27 and the resistance around $1.52.

If validated, the next move for the token might be a run to $1.92, which takes it closer to $2. However, if trades reduce their exposure to the memecoin, momentum might turn bearish, and invalidate this move.

It could also happen if profit-taking increases. If that happens, FARTCOIN’s market value could slide to $0.86, near the 0.618 golden pocket ratio.