Fartcoin Eyes 65% Surge As Open Interest Hits ATH, Exchange Reserves Plunge

Fartcoin price gained momentum on Friday as it jumped by over 26%, making it one of the best-performing tokens in crypto. 

Fartcoin (FARTCOIN), the third-largest Solana meme coin, rose to $0.9192—its highest point since January 31. The token has now climbed 332% from its lowest level this year. 

The ongoing surge coincides with a sharp increase in futures open interest, which hit a record high of $422 million. This is a significant rise compared to the $95 million recorded on the same day last month. Rising open interest often signals growing demand and speculative activity from traders.

The rally also aligns with a consistently positive funding rate this week. A positive funding rate means traders holding long positions are paying a smaller fee than those shorting, a bullish indicator.

Additional on-chain data shows that more investors are holding onto their positions, as the number of tokens on exchanges has dropped. There are currently 120.4 million Fartcoin tokens on exchanges, down 15% from 141.57 million a week ago. Most of these outflows have come from platforms like Bitget, MEXC, KuCoin, and Gate.

Exchange outflows are typically a bullish sign, as they suggest investors are moving their tokens into self-custody wallets, reducing immediate sell pressure.

The eight-hour chart shows that Fartcoin’s price has rallied significantly in recent weeks. It broke through a key resistance level at $0.6323 on April 9 as the uptrend accelerated. This level was important as it marked the upper boundary of a cup and handle pattern that had been forming.

The C&H pattern consists of a rounded bottom followed by a consolidation phase—the “handle”—before a breakout. In this case, the handle section itself had a rounded structure. The token has also moved above the 50-period moving average, while the Directional Movement Index (also known as DMI) is pointing higher, signaling strong momentum. The DMI is widely used to measure the strength and direction of a trend.

Given this setup, the most likely scenario is a continued move higher, with bulls targeting the 50% Fibonacci retracement level at $1.4627—approximately 65% above the current price.