After a notable rally of over 26%, the popular Solana-based meme coin, Dogwifhat (WIF), has undergone a price correction but is now poised for a massive upside rally. Additionally, the WIF daily chart supports this positive speculation.
According to expert technical analysis, WIF has been moving in an ascending channel pattern, making higher highs and high lows since late September 2024. During this period, WIF has successfully followed this pattern. However, this time the meme coin has made its higher low and is now heading toward a higher high.
Based on the historical price momentum, if WIF follows the pattern and maintains itself above the $2.50 level, there is a strong possibility it could soar by 25% to reach the $3.20 level in the coming days. Meanwhile, WIF’s Relative Strength Index (RSI) further supports this bullish outlook, as it is in an area that suggests a potential price rally may occur soon.
WIF’s positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, WIF’s Long/Short ratio currently stands at 1.045, indicating a bullish sentiment among traders. Additionally, its future open interest has risen by 4.9% over the last four hours and has been steadily increasing.
This rising open interest hints at growing interest from traders following this bullish outlook. Traders and investors often consider rising open interest and a long/short ratio above 1, while building long positions.
Combining these on-chain metrics with the technical analysis, it appears that bulls are currently dominating the asset and may support the meme coin in its upcoming rally.
At press time, WIF is trading near $2.60 and has experienced a price surge of over 1.85% in the past 24 hours. During the same period, its trading volume dropped by 26%, likely due to the ongoing price correction. However, as WIF has successfully formed a higher low, there is a strong possibility that trading volume could skyrocket in the coming hours or days.
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