Dogwifhat (WIF), a popular Solana-based meme coin, is showing signs of reversing its prolonged downtrend, which began in December 2024. After experiencing a drop of over 60%, WIF has formed a bullish price action pattern on its daily time frame and is poised for a massive upside rally.
Following Donald Trump’s pro-crypto stance and his election victory in November 2024, WIF saw an explosive 154% price surge. However, since then, it has experienced a continuous decline, losing all its gains and falling from $4.82 to a crucial support level of $1.50.
At this support level, WIF has been in strong consolidation for over a week. Now, it has officially broken out from that zone, clearing its path for massive upside momentum.
According to expert technical analysis, WIF has successfully broken out of its consolidation phase but faces immediate resistance at $1.80.
Based on recent price action, if the meme coin breaches this resistance and closes a daily candle above $1.83, there is a strong possibility it could soar by 50% to reach $2.71 in the future.
On the positive side, WIF’s Relative Strength Index (RSI) is near the oversold area, suggesting a potential upside rally and an ideal buying opportunity. However, WIF is trading below the 200 Exponential Moving Average (EMA) on the daily time frame, indicating that it remains in a downtrend.
While analyzing this bullish price action, long-term holders and traders are looking to place bets on the upside, according to the on-chain analytics firm CoinGlass. Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of over $1.90 million worth of WIF.
In the cryptocurrency landscape, outflow refers to the movement of assets from exchanges to wallets, indicating potential accumulation. This can create buying pressure and contribute to a price surge.
Meanwhile, traders on Binance appear to be betting on the long side. CoinGlass’s Binance WIF/USDT long/short ratio currently stands at 3.71, indicating strong bullish market sentiment among traders.
Currently, 78.77% of top WIF traders on Binance hold long positions, while 21.33% hold short positions.
When combining these on-chain metrics with technical analysis, it appears that the bulls are currently dominating the asset and could support the meme coin in its upcoming rally.
Currently, WIF is trading near $1.75 and has experienced a price rally of over 7.80% in the past 24 hours. During the same period, its trading volume surged by 92%, indicating increased participation from traders and investors.
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