FARTCOIN, a memecoin, has seen significant whale accumulation despite recent price weakness, signaling potential confidence in a trend reversal. The token has been trading within a mini ascending channel after successfully holding support at $0.23, reaching a local high of $0.32. At the time of reporting, FARTCOIN traded at $0.31, marking a 3.23% decline on daily charts, though it had previously been on an upward trajectory with a 3.21% gain on weekly charts.
On-chain data from Nansen reveals aggressive accumulation by top holders. Over the past four days, these addresses increased their holdings by 9.38%, adding a net 51.16 million FARTCOIN tokens (69.24 million bought vs. 18.08 million sold). Their total holdings now stand at 692.04 million tokens.
This activity was highlighted by a specific whale transaction monitored by Onchain Lens, where an address spent $2.66 million to purchase 8.58 million FARTCOIN. Such accumulation during periods of price retracement is often viewed as a sign of strong confidence in an impending rebound.
Exchange data from Coinalyze corroborates increased demand. On platforms including Binance, Coinbase, and Bitstamp, buy volume outpaced sell volume, resulting in a positive market delta of $1.05 million ($5.17 million in Buy Volume vs. $4.12 million in Sell Volume).
Despite this whale activity, technical indicators suggest sellers currently maintain control. The Buyers in Control (BIC) indicator on TradingView shows sellers have dominated the market for three consecutive weeks, with buyers last in control between November 23 and December 8. Furthermore, FARTCOIN's Relative Strength Index (RSI) has largely remained in bearish territory for the past two weeks, sitting around 48 at press time.
The interplay between whale accumulation and seller dominance places FARTCOIN at a critical juncture. If continued whale buying can absorb selling pressure, it could trigger a bullish reversal, potentially allowing the token to reclaim the $0.36 resistance level and target $0.40. Conversely, if seller dominance persists, FARTCOIN could retrace to support around $0.28 before attempting another upward move.
