Crypto Analyst Says an Explosive Move for Fartcoin Price Is Coming

Fartcoin (FARTCOIN) is down slightly by 0.68% at press time to trade at $1.18 today, July 7. Despite the slight correction, a renowned crypto analyst has predicted that the FARTCOIN price might be on the verge of a major upside move after it created a bullish candle pattern, suggesting that it could reach $2.28.

Analyst Forecasts Explosive Gains For FARTCOIN Price

Analyst CRG on X shared a bullish pattern that often shows that the price is about to head upward after a period of both buyers and sellers being undecided. Just like its name suggests, the inside bar consists of a candlestick whose entire height is within the range of the previous candle, known as the “mother bar.”

The breakout from this pattern is equivalent to the height of the “mother bar”, which, in the case of the FARTCOIN price, is from $0.795 to $1.538, equivalent to $0.743. This means that if this top meme coin on the Solana blockchain breaks out from the resistance level of $1.538, it might reach $2.28.

If the inside bar pattern plays out per the analysis, the price might rally by more than 93% from its current price to reach $2.28. Moreover, the analyst’s chart shows that in the last two weeks, the buying volumes have remained high, and if the SOL-based token can sustain this, it could drive gains.

The likelihood of such a rally happening in the near term is also high because, as CoinGape reported, meme coins are blowing up after Elon Musk announced his support for crypto assets after forming a new political party. This might also be a key factor that drives the next FARTCOIN price rally.

Open Interest Spikes to $754M Suggesting A Big Move Ahead

The open interest for the FARTCOIN meme coin has increased significantly, and it is up by more than 8.4% to $754 million according to data from Coinglass. This OI is the second-highest among meme coins after Dogecoin (DOGE), which shows that there is a lot of speculative interest in the Solana-based token.

Whenever the open interest is rising alongside the price, it is often a bullish signal because it shows that traders who are opening futures positions on FARTCOIN are betting that the token is going to increase in value.

The bullishness of this rising open interest is also depicted in the funding rate, which is now in the positive region. This shows that the traders who are making their speculative bets are longs, indicating that there is a bullish sentiment that the price of FARTCOIN is going to rally.

Going by this derivatives market data and the analyst’s remarks on how high the FARTCOIN price may rally, it is likely that an explosive rally is on the horizon. Moreover, the gains currently happening across the meme coin market might also be a big factor that influences the next upward trend.