Dogwifhat (WIF), the popular Solana-based meme coin, is poised for an impressive rally as its price action shows a potential upside rally in the coming days. This bullish outlook appears on the WIF daily chart after a price correction of more than 25% in the past week.
Dogwifhat (WIF) Technical Analysis and Upcoming Levels
According to expert technical analysis, WIF appears bullish and could rise 18% to reach the $3 level in the coming days. During the correction phase, WIF formed a descending trendline and is now poised for a possible breakout.
Moreover, the meme coin remains in an uptrend as it remains above the 200-day Exponential Moving Average (EMA) on the daily time frame.
Bullish statistics in the chain
WIF’s positive outlook is further supported by on-chain metrics. According to the on-chain analytics company MintGlassthe WIF long/short ratio currently stands at 1.089, indicating strong bullish sentiment among traders. Additionally, open interest is up 5% in the last 24 hours and 12.5% in the last week. This increasing open interest indicates growing trading activity and the formation of new positions.
The combination of bullish on-chain metrics and technical analysis suggests that bulls are currently dominating the asset.
Current price momentum
At the time of writing, WIF is trading around $2.6 and has experienced a price increase of over 5.25% in the last 24 hours. During the same period, trading volume skyrocketed by 130%, indicating greater participation by traders and investors, likely due to the shifts in sentiment.
The current market sentiment in the cryptocurrency landscape is quite bullish, as Bitcoin (BTC) and many other major cryptocurrencies are experiencing notable upward rallies.
