The meme coin Dogwifhat (WIF) based on Solana is showing strong potential for a significant upward rally due to positive on-chain metrics. Despite the recent downturn in the crypto market, the open interest in WIF has been steadily increasing since the start of September 2024, as per data from CoinGlass.
Rising Open Interest and Positive Funding Rate
The surge in open interest indicates a growing number of Dogwifhat futures contracts, regardless of expiries or closures, with a 16% increase from $199 million to $226 million. This uptrend reflects the rising interest of both investors and traders. Additionally, the positive WIF OI-Weighted funding rate on CoinGlass suggests that long traders are anticipating a price increase. The combination of rising open interest and positive funding rates points towards a strong bullish sentiment.
Dogwifhat Technical Analysis and Upcoming Levels
In line with the positive on-chain metrics, expert technical analysis indicates a potential substantial price rally in the near future. WIF has been following a parallel channel pattern since August 2024 and is currently positioned at the pattern’s lower boundary. Historical price trends show that when WIF reaches this level, it typically sees a surge of over 20%. This time, there is a high likelihood of a 20% surge towards the $2.05 mark. The Relative Strength Index (RSI) is currently in oversold territory, suggesting an imminent price reversal.
Dogwifhat (WIF) Price and Expert Views
A crypto expert shared on X (previously Twitter) on September 3, 2024, hinting at an upcoming V-shaped reversal that few are prepared for. This statement underscores the overall optimistic outlook for WIF in the crypto sphere. As of now, WIF is trading close to $1.61, having surged by more than 7% in the past 24 hours. Concurrently, its open interest has grown by 8% during the same period, indicating a rising interest from investors and traders amidst the bullish forecasts.
