Fartcoin price falls following Pump.fun X suspension: $1 support at risk

The price of Fartcoin has come under fresh pressure just hourss after the social platform X suspended memecoin launchpad Pump.fun and over a dozen related accounts. Following the Pump.fun X account suspension, Fartcoin’s sentiment has clearly shifted, raising questions about whether the memecoin, which is the largest ever launched on Pump.fun, will hold the crucial $1 psychological support. Pump.fun’s suspension on X has unsettled the memecoin ecosystem On June 17, X suspended Pump.fun’s official account alongside that of its co-founder, Alon Cohen, and at least 19 other crypto-linked handles without offering any public explanation. Speculation has since emerged pointing to potential API misuse, livestream violations, or even preliminary action from US regulators such as the SEC, though none of these theories have been confirmed. Although the Pump.fun website remains operational, but its removal from X and the silencing of its co-founder have created a wave of uncertainty, especially among retail investors in Solana-based memecoins. The action has hit several entities that were instrumental in fueling recent memecoin activity on Solana, including tools and platforms like GMGN, BullX, Bloom Trading, and Eliza OS. Notably, Pump.fun had only recently reinstated its livestreaming feature after a prior suspension last year, raising concerns that recent broadcasts may again have triggered platform rule violations. Despite the lack of concrete information, the broader memecoin sector is feeling the heat, with Fartcoin’s recent slide possibly reflecting investor unease as they await clarity. Fartcoin has repeatedly failed to break key resistance Despite an impressive rally earlier in the year, Fartcoin has found repeated resistance around the $1.47–$1.5 mark, with its latest attempt once again ending in rejection. Notably, the lack of follow-through buying volume on the bounce from $0.92 to $1.47 has raised doubts about the strength of bullish conviction among traders. While Fartcoin had recovered significantly from its October 2024 lows of just two cents, it remains trapped in a defined range with weak momentum and fading hype. The $1 level has served as reliable support in recent weeks, but its resilience is being tested as bearish sentiment spreads across the market following Pump.fun’s troubles. Although long-term holders may find encouragement in the weekly and daily charts’ higher OBV levels and the RSI’s bounce from neutral 50, short-term traders are approaching the market with greater caution. Fartcoin price chart |Source: GeckoTerminal On the daily chart, Fartcoin’s structure has shifted noticeably, with the memecoin now trading in a visible range between $0.9 and $1.3 after losing its ascending channel. The absence of strong demand during the latest rebound is evident in the flat OBV, which continues to hover below local highs despite recent price movements. This lack of conviction could spell trouble if the $1 level fails to hold, especially in a market where uncertainty around Pump.fun’s future remains unresolved. The post Fartcoin price falls following Pump.fun X suspension: $1 support at risk appeared first on Invezz

Source: Invezz