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.
The Feds announcement seemed to have rattled investors, with major cryptocurrencies such as Bitcoin and Ethereum shedding 4% and 5% of their values, respectively, in the last 24 hours.
Among the top ten, XRP and Dogecoin performed even more poorly, with the former down 6.8% while the latter lost 5.8% of its worth.
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 data.
However, the rally didnt 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 tokens current price puts its overall value at around $955 million, placing it at #129 among the largest cryptocurrencies in the market.
Fartcoins 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 cryptocurrencys 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 Fartcoins bullish outlook.
Similarly, the meme tokens Relative Strength Index (RSI) shows overbought conditions, suggesting a potential cooldown before its next rally.