Fartcoin (FARTCOIN), the Solana-based memecoin inspired by the viral posts of AI agent Truth Terminal, is approaching a $1 billion market cap after its price soared 180% in seven days.
Market analysts suggest that the price and market value of cryptocurrency could rise further in the short term. Here’s why that could happen.
Fartcoin gains market attention and aims for major milestone
On December 12, Fartcoin’s market cap surpassed the $500 million mark, prompting speculation that the memecoin was headed for a significant correction. However, this did not happen as demand remained extremely high, pushing the price even higher.
Currently, the market value has risen to $839.95 million.
Fartcoin Market Cap. Source: CoinGecko
Furthermore, on-chain data suggests that the current bullish trend may be far from over. One indicator supporting this view is social dominance. Social dominance compares the level of discussion around a cryptocurrency to other assets.
When social dominance increases, it reflects an increase in online conversations about the token, which is usually a bullish indicator. Conversely, a decrease in dominance usually signals a decrease in discussions, which can decrease demand.
According to Santiment, FARTCOIN’s social dominance recently rose to 0.70%, indicating a lot of buzz around the memecoin built on the Solana network. If this trend continues, it could increase buying pressure and push the market cap past the $1 billion mark.
Fartcoin Social Dominance. Source: Santiment
Furthermore, Fartcoin’s trading volume offers another compelling sign of potential growth in both its price and market cap. Currently approaching the $100 million threshold, the volume suggests notable market activity.
With a 42% price increase in 24 hours, this elevated momentum could fuel a continued uptrend, bringing the token closer to new milestones.
Volume from Fartcoin. Source: Santiment
Price prediction
On the daily chart, you can see a noticeable increase in the Bull Bear Power (BBP) indicator. BBP compares the strength of the bulls (buyers) with the bears (sellers). When the reading is positive, it means that the bulls are in control, and the price may move higher.
On the other hand, a negative reading indicates that bears have the upper hand, and the price may decline. Considering the current outlook, the memecoin price is likely to rise to $1 in the near term.
Fartcoin Daily Analysis. Source: TradingView
If this happens, Fartcoin’s market cap will hit $1 billion. However, traders need to be careful. If the memecoin faces intense profit-taking, this could change. In this scenario, its value could drop to $0.40.
The article Will FARTCOIN Continue to Rise After 180% Jump? Analysis appeared first on BeInCrypto Brasil.