Solana Memecoins Surge: Fartcoin and SPX Set New Open Interest Records

Solana-based meme coins are leading the charge in the crypto rebound, with market capitalization growing by 6% over the past 24 hours to reach $14.64 billion. While the overall crypto market sees signs of recovery, tokens like Fartcoin (FARTCOIN) and SPX6900 (SPX) are emerging as top contenders despite slight pullbacks after strong mid-week rallies.

Both coins are riding a wave of bullish sentiment, driven by growing trader activity and impressive technical setups. Open interest data and trend momentum both point to continued optimism in the market.

Fartcoin and SPX Open Interest Hits New Highs

Open interest (OI) a key metric tracking active perpetual contracts has surged dramatically for both Fartcoin and SPX, signaling increasing interest from derivative traders.

According to CoinGlass, Fartcoin’s open interest soared to a record-breaking $1.05 billion, up from $802 million the day before. SPX also saw its OI climb past $200 million, a new high for the token.

This spike in open interest supports the view that traders are becoming more confident in the upside potential of these meme tokens, with many looking to capitalize on short-term volatility and longer-term trends.

Fartcoin Eyes Breakout as Technical Momentum Builds

Fartcoin experienced a modest 5% dip on Thursday, following a sharp 16% rise the day prior. Despite the pullback, the coin continues to hold above key levels, including the 50-day Exponential Moving Average (EMA) and the critical $1 price mark.

Technically, Fartcoin is approaching the 78.6% Fibonacci retracement level at $1.56, based on the January high of $2.74 and March low of $0.19. A strong daily close above this level could clear the path toward the $2.00 range.

The MACD trend remains bullish, although shifting histogram bars suggest increased short-term volatility. Meanwhile, the Relative Strength Index (RSI) has climbed to 59, showing that buying momentum is increasing without yet entering overbought territory.

However, if Fartcoin fails to break the $1.56 resistance, which has capped price action since January, it may pull back toward the 50-day EMA at $1.16.

SPX Targets $2.00 After Setting New All-Time High

SPX6900 has also cooled slightly, dipping by around 1% after surging 12% on Wednesday to hit a fresh all-time high of $1.91. The token is facing resistance near the $1.80 level, which also acted as a ceiling during previous rallies.

If SPX can break above the $1.80 resistance with conviction, analysts expect the token to extend its rally to the psychological $2.00 mark, and possibly to the 1.272 Fibonacci extension at $2.22. This projection is based on the move from the January high of $1.80 to the March low of $0.25.

Momentum indicators support the bullish outlook. The RSI sits at 67, reflecting strong upward pressure while still leaving room for further gains. The MACD, however, shows a mixed picture, with histogram bars fluctuating and hinting at potential short-term consolidation.

A failure to maintain upward momentum could lead SPX back to test support at $1.47 the 78.6% Fibonacci level.

Outlook: Can Solana’s Meme Coin Rally Hold?

Fartcoin and SPX are at the center of Solana’s meme coin resurgence, with increasing open interest and solid technical trends providing bullish signals. If broader market conditions remain favorable and Solana continues to attract high-volume speculative traders, these tokens may be positioned for even greater gains in the coming days.