On December 18, Solana-based meme coin Fartcoin hit a new all-time high, briefly pushing its market capitalization beyond the $1 billion mark.
Reaction to Fed Announcement
The U.S. Federal Reserve's announcement of a 25-basis point rate cut, coupled with projections of fewer rate reductions in 2025, put pressure on the broader crypto market. Major cryptocurrencies like Bitcoin and Ethereum shed 4% and 5% of their values, respectively, while XRP dropped 6.8% and Dogecoin lost 5.8% of its value.
Fartcoin at the Top
Amid the market slump, Fartcoin emerged as one of the few altcoins to remain in the green, jumping 21% to reach an all-time high of $1.02. With a circulating supply of 999,995,862 tokens, its market cap surged to $1.01 billion. The rally was short-lived, with Fartcoin retracing to $0.7158 but later recovering to $0.9889, just 5.4% below its ATH. The token's current valuation is around $955 million, ranking it 129th among the largest cryptocurrencies according to CoinGecko.
Analysis and Future Outlook
Analysts observed that Fartcoin's five-wave impulse pattern culminated in its $1.01 ATH, experiencing resistance at this peak. A corrective Wave 4 pullback is expected toward the $0.70 to $0.58 range before a Wave 5 upward trend targeting $1.12 to $1.27. However, there's caution, as a dip below $0.58 might negate the bullish outlook. Additionally, Fartcoin's RSI indicates overbought conditions, suggesting a potential cooldown before its next rally.
Despite broader market challenges, Fartcoin demonstrated resilience and significant growth, indicating promising prospects for future analysis.
