The cryptocurrency FARTCOIN, based on Solana, has shown impressive performance by surging 19% in the last 24 hours, making it the top performer in the current market. This increase has led it to trade at its highest level since January 30, hitting a 12-week peak. There is ongoing buying activity indicating potential for the meme coin to continue its upward trend in the short term.

Analyzing the FARTCOIN/USD daily chart, it is evident that bullish momentum is growing. The positive Balance of Power (BoP) indicator stands at 0.69 currently, affirming the dominance of buyers in the market. When the BoP value is positive, it signifies that buyers are prevailing over sellers, signaling an upward price movement.

Moreover, the Elder-Ray Index for FARTCOIN has shown a consistent increase in bullish pressure, as indicated by the growing size of the bars over recent days. This index measures the strength of buyers and sellers by comparing an asset's high and low prices to its exponential moving average. A positive value in the index indicates a dominance of bull power.

At the moment, FARTCOIN is priced at $1.06, close to a significant resistance level of $1.16. If demand continues to strengthen and FARTCOIN manages to turn this resistance into a support level, its price rally could accelerate towards $1.46. However, if profit-taking occurs, this bullish scenario may be compromised, potentially leading to a drop in price to $0.74. Further, failure to defend this support level could cause FARTCOIN's price to plummet to as low as $0.19.