Fartcoin (FART), a Solana-based meme coin, has experienced a sharp decline of approximately 20% in the past 24 hours, dropping below the key psychological level of $0.30. This extends a longer-term downtrend that has seen the asset lose 68% of its value over the past 12 months.
The sell-off was accompanied by a significant 28% surge in trading volume, which now represents about 43% of the token's circulating market capitalization. Market observers note that this elevated volume-to-cap ratio signals intense selling activity and potential panic selling at resistance levels.
Technical analysis from traders indicates that FARTCOIN was rejected at a resistance level near $0.35-$0.40. Crypto trader Popeye shared a bearish outlook, predicting the price could fall to as low as $0.20 in the coming days, representing a further 28% downside from current levels. The token's 24-hour decline was noted to be roughly four times greater than the average loss among other Solana meme coins during the same period.
The price action shows FARTCOIN has been consolidating within a defined range. A break below the current support level could trigger additional near-term losses, while a move above the $0.40 resistance area would be necessary to challenge the current downtrend. In a bullish reversal scenario, some analysis suggests the token could rapidly climb to $0.70.
