FartCoin drops 7.1% after $1.64 rejection tests $1.05 support level

FartCoin, a meme-based cryptocurrency launched in October 2024 on the Solana blockchain, is undergoing a critical technical test following a sharp rejection from the $1.64 resistance level. As of the latest check on July 12, 2025, the asset traded near $1.31, a 7.1% decline for the day, signaling a deepening correction phase [1]. The price action reflects a failed liquidity grab at $1.64, marked by a bearish engulfing candle on the daily chart, which analysts interpret as a sign of exhausted buying pressure [1].

The $1.64 level had previously acted as a swing high, but its inability to sustain momentum has triggered a pullback toward $1.05, a confluence of key support structures [1]. This level is strategically important as it aligns with the point of control, the 0.618 Fibonacci retracement level, and high-timeframe support. Traders and analysts are now focused on whether this zone can hold to validate a bullish reversal or if further downside toward $0.90 will materialize [1].

Technical indicators suggest the correction remains active, with no clear bottoming structure formed yet. A successful test of $1.05 could serve as a launchpad for a renewed rally, but a breakdown below this level would expose deeper support zones and potentially reframe the price action into a $0.90–$1.64 trading range [1]. The rejection at $1.64 also coincided with climactic volume, reinforcing the short-term bearish bias [1].

The market’s reaction to these levels will determine FartCoin’s near-term trajectory. A confirmed daily close below the value area high—a threshold tied to the recent price action—would heighten the probability of a move toward $1.05 [1]. Conversely, a strong rebound from this support with volume confirmation could reestablish a higher low, preserving the broader bullish structure. However, traders are cautioned against aggressive entries ahead of confirmed support, as the volatile environment increases risk [1].

FartCoin’s price dynamics underscore broader themes in the cryptocurrency market, where sentiment and technical levels often drive short-term movements. The token’s niche appeal has drawn both speculative interest and skepticism, with its performance linked to retail investor behavior. While the $1.64 failure highlights immediate bearish pressure, the $1.05 test remains a pivotal moment for gauging market conviction [1]. Analysts emphasize that outcomes will hinge on emerging buying interest at the support level, alongside external factors such as macroeconomic trends and broader crypto sentiment [1].

For now, the focus remains on key technical levels and volume patterns. A sustained defense of $1.05 could set the stage for a retest of $1.64, offering bulls a second chance to push higher. A failure to hold, however, may force a reassessment of positions and trigger a more pronounced decline. Investors are advised to monitor order book dynamics and price-volume interactions for additional signals as the market navigates this critical juncture [1].

Source: [1] [FartCoin faces correction after $1.64 rejection, can $1.05 support hold the line?](https://crypto.news/fartcoin-faces-correction-after-1-64-rejection-can-1-05-support-hold-the-line/)