On December 18, Solana-based meme coin Fartcoin hit a new all-time high (ATH), briefly pushing its market capitalization beyond the $1 billion mark. The surge came amidst a slump in the broader crypto market caused by pressure from the U.S. Federal Reserve announcing a 25-basis point rate cut, coupled with projections of fewer rate reductions in 2025.Despite the gloom, Fartcoin was among the few altcoins to stay in the green, jumping 21% to reach an all-time high of $1.02.
With a circulating supply of 999,995,862 tokens, the new price pushed its market cap to about $1.01 billion, according to CoinGecko However, the rally didn’t last long, with the meme coin subsequently retracing to $0.7158 before kicking off another recovery rally. At the time of this writing, it was changing hands at $0.9889, a 17.6% improvement across 24 hours and just 5.4% below its all-time high. The token’s current price puts its overall value at around $955 million, placing it at #129 among the largest cryptocurrencies in the market. Fartcoin’s gains were more pronounced across longer periods, with a whopping 446.1% increase over the past fortnight and an equally impressive 220.8% jump in the last 30 days. Additionally, over seven days, the meme coin registered an 85% uptick, significantly outperforming the broader crypto market, which was down 2.7% in the same period.The irreverently named cryptocurrency’s performance aligns with a bullish five-wave impulse pattern noted by analysts. Its $1.01 ATH was the culmination of Wave 3 of that pattern, which was marked by major resistance. As such, market watchers are now predicting a corrective Wave 4 pullback toward the $0.70 to $0.58 range before the coin resumes its uptrend in Wave 5, with targets set at $1.12 and $1.27. However, they urge caution since, in their opinion, a drop below $0.58 could invalidate Fartcoin’s bullish outloo
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