The popular Solana-based Dogwifhat (WIF) meme coin is making waves in the cryptocurrency landscape with its impressive performance over the past 24 hours. On September 24, 2024, WIF topped the cryptocurrency market with a significant 16% upside rally and is currently trading near the $2.02 level.
Besides its impressive performance, WIF’s trading volume has also skyrocketed by 75% over the past 24 hours. This rising trading volume suggests higher participation from traders and investors following the breakout of the recent consolidation zone.
It will be more interesting to see whether WIF will face selling pressure or continue to soar following a notable upside rally.
According to CoinPedia’s technical analysis, WIF appears bullish and is currently facing strong resistance near the $2 level. This marks the third time since August 2024 that WIF has reached this level. Earlier whenever WIF reached this level it always faced selling pressure resulting in a price drop of over 30%.
However, this time the market sentiment has shifted, and traders’ and investors’ interest has skyrocketed. Based on the historical price momentum, if WIF closes its daily candle above the $2.06 level, there is a strong possibility that WIF could soar by 14% to reach the $2.4 level in the coming days.
If this doesn’t happen, we may see a price reversal similar to those WIF has experienced in the past.
Currently, this positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, the WIF long/short ratio currently stands at 1.03, the highest since August 2024, indicating bullish market sentiment among traders.
Additionally, WIF’s future open interest has skyrocketed by 40% over the last 24 hours and by 10% over the past 10 hours. This rising open interest indicates that traders are betting more on long positions than short positions.
Traders and investors often combine the rising open interest and long/short ratio above 1, when building long positions. With strong bullish on-chain metrics, it appears that WIF is set for a massive upside rally in the coming days.
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