Dogwifhat (WIF) Flashes Bullish Signal: Here's Why It Could Skyrocket by 45%

At press time, the larger cryptocurrency market looked bullish due to the impressive performances of top crypto assets in the last 24-48 hours.

Top cryptocurrency بازار at press time looked bullish thanks to the impressive performances put up by top crypto-assets in the last 24-48 hours. Needless to say, many of the market’s memecoins took the lead of Bitcoin as well, with popular Solana-based memecoin Dogwifhat (WIF) being one of them.

In fact, WIF appeared to be flashing a bullish signal on the price charts as well.

45% surge in WIF price, here’s why

The potential reasons behind WIF’s bullish outlook include the recent successful breakout retest, an increase in open interest (OI), and a sustained price surge in Solana (SOL). According to on-chain analytics firm CoinGlass, in the last 24 hours, WIF’s OI value has risen by 2.2%, signaling growing interest among investors and traders.

Moreover, the performance of SOL is also affecting WIF’s price. In the last 7 days alone, SOL has registered a price surge of over 10%. Greater interest in Solana has translated to greater interest in memecoins based on its blockchain.

Dogwifhat (WIF) technical analysis and upcoming levels

At the time of writing,眺望 WIF’s daily chart was making it look quite interesting.

On the daily time frame, WIF not only projected a breakout of a bullish double-bottom price action pattern, but also successfully retested it. In fact, it appeared to be moving in an upward direction – A potentially bullish signal.

۴ ساعته تایم فریم में, WIF was trading above the 200 Exponential Moving Average (EMA). If the price of an asset is above the 200 EMA, it is a sign of bullishness. Based on the price action and historical data, if the market sentiment remains unchanged in the coming days, then WIF’s price may soar impressively by 45% and hit its $2.92 and $3.75 levels.

Here, it’s also interesting to note that if WIF does hit the $2.92 level, then over $22 million worth of short positions will be liquidated on Binance alone. CoinGlass’ data revealed that in the last 7 days, Binance’s short sellers created a massive $22 million short positions as they think WIF will not reach the $2.92 level.

A crypto analyst recently shared on X (formerly Twitter) that he believes WIF will soon hit the $5 mark on the charts.

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