FARTCOIN Surges on Record Open Interest and Technical Breakout

FARTCOIN, the third-largest Solana meme coin, experienced a dramatic rise last Friday, climbing over 26% to reach its highest price since January. The surge comes as open interest in its futures market hit a record high of $422 million, a significant jump from last month’s $95 million, indicating growing speculative demand. The positive funding rate has favored long positions, further adding to the bullish sentiment. On-chain data shows a 15% drop in tokens held on exchanges, suggesting that investors are moving their holdings into self-custody and reducing selling pressure. Technical analysis reveals that FARTCOIN broke through a key resistance level at $0.6323, a critical boundary of a cup and handle pattern, and moved above its 50-period moving average, with the Directional Movement Index (DMI) confirming strong momentum. With bulls now eyeing a 50% Fibonacci retracement target at approximately $1.4627, this technical setup may pave the way for further gains.