Whale FARTCOIN spent 8.7 million USD to accumulate – Signs of a price bounce back?

In just 24 hours, two "whales" unexpectedly spent 8.7 million USDC to accumulate over 7.2 million Fartcoin (FARTCOIN), with an average price ranging from $1.20 to $1.22 per token.

Source: LookonchainDespite the slight drop in the price of FARTCOIN to $1.17 — a decrease of 2.46% for the day — this large-scale accumulation move shows an increasingly strong confidence from what are considered "big players" in the market.

Is a breakout forming from this classic pattern?

On the daily timeframe, the FARTCOIN chart is forming a quite complete cup and handle pattern — one of the most classic bullish reversal patterns in technical analysis. The neckline ( currently lies around the resistance level of $1.26, which has rejected the price multiple times in recent weeks.

At the time of writing, FARTCOIN is accumulating just below the downtrend line, forming the "handle" of the pattern. If the price can decisively break through the $1.26 area, the pattern confirmation signal will be triggered, opening up the opportunity for a strong rally towards the $1.60 target.

![])https://img-cdn.gateio.im/webp-social/moments-b2c4398bd371b69a0b6e7e226680ee90.webp(Source: TradingViewConversely, if the buying force is not strong enough to break this resistance level, the bears may take the opportunity to return, pushing the price down to the psychological support area around the $1 mark.

FARTCOIN continues to be withdrawn from exchanges

In response to the decisive moves from the whales, data from CoinGlass recorded a notable development: the net inflow on spot exchanges )Spot Exchange Netflow( on July 6th fell into negative territory, specifically -112.670 FARTCOIN.

In other words, the amount of FARTCOIN withdrawn from the exchange has far exceeded the amount deposited — a clear indicator that long-term accumulation sentiment is overshadowing short-term profit-taking pressure.

![])https://img-cdn.gateio.im/webp-social/moments-fc23684ef25ee25138572ad03171f7ba.webp(Source: CoinGlassThis trend further reinforces the narrative of a "tightening supply" - a factor that could become a key driver of a sustainable price increase in the near future.

Are traders shifting to a bullish trend?

The funding rate on the Binance exchange has returned to the positive zone, currently at 0.005% — a slight but meaningful signal.

Although this number is still quite modest, it shows a clear shift in market sentiment, marking an exit from the long, drawn-out phase of neutral or negative status.

![])https://img-cdn.gateio.im/webp-social/moments-fe586048504f42e6b0e6c077d3dcfa89.webp(Source: SantimentThis improvement occurs simultaneously with the price accumulation process near the resistance zone, reflecting an increasing expectation of an imminent breakout. However, until the funding rate rises significantly, confidence in the upward trend remains cautious.

Market sentiment remains pessimistic despite prices showing strength

However, on-chain data reveals a completely opposite perspective.

The Weighted Sentiment index has plummeted to -1.403, despite the price forming an upward pattern and whales starting to get involved.

![])https://img-cdn.gateio.im/webp-social/moments-34c9b18e1c8f37c3b57debcac200319b.webp(Source: SantimentIn the past, moments when the market falls into a state of "phase shift" — when investor sentiment is pessimistic while technical signals are positive — have often been a sign of a strong breakout about to happen. This is the classic scenario of the "max pain" phenomenon, when the majority are punished by the market for going against the actual trend.

What will happen if FARTCOIN surpasses $1.26?

FARTCOIN is approaching an important technical threshold, with upward momentum bolstered by strong buying from whales, a chart structure leaning towards an upward trend, and a slight improvement in market sentiment.

However, the overall picture still has some gray tones: a sense of pessimism still exists within the community, while the pace of network expansion shows signs of slowing down — indicating that all optimistic expectations need to be balanced with caution.

If FARTCOIN can decisively break through the $1.26 mark, this could be a turning point that helps establish a new upward trend. Conversely, failing to surpass this threshold will cause the token to remain stuck in the accumulation zone. Traders should pay special attention to unusual spikes in volume and funding rate, which often serve as confirming indicators for a real breakout.

SN_Nour