Fartcoin (FARTCOIN) has dipped sharply, losing over 9% over the previous 24 hours. Market value of the memecoin dipped to $802.69 million with whale sell-offs, liquidations from Binance, and declining on-chain activity, catalyzing the previous week’s pullback of coins pegged to Solana.
Fartcoin is under severe selling pressure, and its price has declined 9.42% in the prior 24-hour period to $0.8027. Market cap of the memecoin has decreased to $802.69 million, and the 24-hour trading volume has declined to $244.89 million, indicative of declining momentum throughout the network.
The recent slide was prompted by huge sell-offs by major holders. According to Lookonchain, a whale sold over 1.6 million FARTCOIN for $1.27 million, posting a huge loss of $1.14 million by closing a position in both FARTCOIN and Hyperliquid (HYPE).
Smart Money accounts similarly catalyzed the decline, with more than 21 major exits having been reported. Similar selling pressure was faced by other memecoins developed upon Solana, like Popcat (POPCAT) and YZY Money (YZY).
The sharp pullback was aggravated by leveraged bets on Binance. The exchange experienced 1.76 million FARTCOIN futures contracts with liquidations of over $5.8 million of longs in a single day. Platform funding rates went into the negative, reflecting a tilt to short positions. Open interest fell from $130 million to $116 million, reflecting a loss of interest in developing new long exposure.
Fartcoin network development has broken down by more than 99% since July 28, when the token was listed at $1.40. As daily volume has similarly come down to $252.85 million, the on-chain signals suggest a lack of new demand.
Fartcoin technical outlook: Key levels in focus
Charts show FARTCOIN has already lost 23% from $1.00 to $0.77. Technical analysts suggest $0.75 is a possible short-term support level and, if that holds, could trigger a bounce back to $1.
However, should the token fall below $0.70, further declines to $0.40 and potentially $0.20 are still a possibility. The current candle setup is showing bearish pressure, but some observers suggest it is a liquidity sweep before a bounce.
The derivatives market of FARTCOIN is equally losing interest. Overall volume fell 3.25% to $1.77 billion, and open interest fell 5.09% to $640.46 million. The decline signal of opening fewer new positions is a signal of a defensive posture adopted by the participants.
The OI Weighted reading of just 0.0050% reflects very low leverage. It indicates small possibility of sudden spikes because of aggressive speculations.
