Dogwifhat (WIF), the popular Solana-based meme coin, is poised for an impressive rally as its price action flashes a potential upside rally in the coming days. This bullish outlook emerges on the WIF daily chart following a price correction of over 25%, in the past week.
Dogwifhat (WIF) Technical Analysis and Upcoming Levels
According to expert technical analysis, WIF appears bullish and it could rally 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 potential breakout.
Furthermore, the meme coin remains in an uptrend as it stays above the 200-day Exponential Moving Average (EMA) on the daily timeframe.
Bullish On-Chain Metrics
WIF’s 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 1.089, indicating strong bullish sentiment among traders. Additionally, its open interest has increased by 5% over the past 24 hours and 12.5% over the past week. This rising open interest suggests growing trader 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 press time, WIF is trading near $2.6 and has experienced a price surge of over 5.25% in the past 24 hours. During the same period, its trading volume skyrocketed by 130%, suggesting heightened participation from traders and investors likely due to the shifts of sentiment.
The current market sentiment across the cryptocurrency landscape is quite bullish, as Bitcoin (BTC) and many other major cryptocurrencies are experiencing notable upside rallies.
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