A closely followed crypto analyst believes one Solana (SOL)-based meme token is gearing up for further swings to the upside.
Pseudonymous trader Altcoin Sherpa tells his 244,000 followers on the social media platform X that artificial intelligence (AI)-based Fartcoin (FARTCOIN) will likely break through the $1 resistance level after putting up massive gains in the past month.
However, he says the meme asset may first return to the .382 Fibonacci retracement level at $0.70.
Fibonacci retracement levels are used in technical analysis for determining an asset’s support and resistance levels.
“Don’t have much of an opinion on Fartcoin at current level; would probably wait to buy on a break of $1 or at $0.70. Still think this one goes much higher later but not sure in the short term. Regardless, hot air rises and this is the meme of the cycle in my opinion.”
Fartcoin is trading for $0.871 at time of writing, up 220% from March 18th when the token was valued at $0.267.
Next up, the analyst says that Popcat (POPCAT), another SOL-based memecoin, may continue declining until hitting the Fibonacci retracement level around $0.23 before reversing course and skyrocketing.
“POPCAT hoping to grab an entry at the $0.23 region, let’s see if it comes. Might scalp before then though.”
Popcat is trading for $0.24 at time of writing, down 6.9% in the last 24 hours.
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