Fartcoin Price News: As Solana Meme Coins Face Reckoning – Is the $1 Level at Risk?

In a data-heavy Thursday, most digital assets are dropping sharply, with multiple tokens in this category in particular posting double-digit losses already.

Both Pudgy Penguins (PENGU) and Brett (BRETT) have gone down by nearly 11% while well-established names in the Solana ecosystem like Official Trump (TRUMP) and SPX6900 (SPX) are experiencing milder drops of 5% and 3% thus far.

Despite these strong drops, trading volumes do not indicate that this is a selling spree as they are actually lower than they were yesterday.

Most of these tokens were targeted by traders to trigger a short-squeeze as they had experienced year-to-date losses of more than 80% at some point.

The April-May rally blew up a ton of stop orders from short sellers and managed to double and nearly triple the price of these meme coins in roughly a month.

Solana DEX Volumes Drop for Three Weeks in a Row

On-chain data may suggest that traders’ interest in Solana meme coins could be fading as indicated by DEX trading volumes.

Since they hit a 2025 bottom during the second week of March, weekly volumes across DEXs like Raydium and Orca steadily increased until reaching a local peak of $29.2 billion.

However, data from DeFi Llama shows that they have been on a downtrend for three weeks in a row, dropping by 50% compared to that level as of last week.

This decline could be influenced by two factors. First, some tokens like Pudgy Penguins have experienced strong declines from their latest highs. Secondly, traders may not want to get caught up in the middle of a much-needed correction like this.

FARTCOIN Could Rise to $1.6 if It Bounces Off This Support

Looking at the 4-hour chart, Fartcoin has been dropping sharply since it hit the $1.50 level, which makes this the key resistance to watch moving forward.

Meanwhile, the price broke above the $1.2 level a few days ago after Coinbase included the token in its perpetual futures market.

This has been one of the strongest bullish catalysts of this month. On June 6, Coinbase announced that it had added Fartcoin to its ‘roadmap’, meaning that the crypto exchange was considered for its inclusion.

Just 3 days later, FARTCOIN/USDC futures were launched. Top listings like this inject significant liquidity into a token and typically cause significant price spikes.

Now, FARTCOIN could be climbing down as part of a normal ‘mean reversion’ move. The 200-period EMA in the 4-hour chart coincides with the $1.2 support. Hence, this could be an area where buying pressure could increase.

The Relative Strength Index (RSI) just stepped out of overbought levels in this time frame but it is still above the 50 level, meaning that the uptrend has not fully lost its strength yet. Moving forward, if the price bounces off $1.2, a first target for Fartcoin could be set at $1.6.