The Solana-based Dogwifhat (WIF) meme coin has been making a significant impact in the cryptocurrency market with its impressive performance over the past 24 hours. On September 24, 2024, WIF surged to the top of the cryptocurrency market, rallying by an impressive 16% and currently trading near the $2.02 level.
WIF Price Momentum
WIF’s remarkable performance is accompanied by a skyrocketing trading volume, which has increased by 75% over the past 24 hours. This surge in trading volume indicates heightened participation from traders and investors, following the breakout from the recent consolidation zone.
As WIF continues to perform well, it will be interesting to observe whether it will face selling pressure or continue its upward trend following this notable rally.
Dogwifhat (WIF) Technical Analysis and Upcoming Levels
According to technical analysis from CoinPedia, WIF appears to be bullish and is currently encountering strong resistance near the $2 level. This is the third time since August 2024 that WIF has reached this level. Historically, whenever WIF reached this threshold, it faced selling pressure, resulting in a price drop of over 30%.
However, this time, market sentiment has shifted, and the interest from traders and investors has surged. Based on historical price trends, if WIF manages to close its daily candle above the $2.06 level, it is highly likely that WIF could soar by 14%, reaching the $2.4 level in the coming days.
Conversely, if WIF fails to close above this level, we may witness a price reversal similar to previous instances.
WIF’s Bullish On-chain Metrics
The positive outlook for WIF is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, the WIF long/short ratio currently stands at 1.03, the highest since August 2024, indicating a bullish market sentiment among traders.
Additionally, WIF’s future open interest has surged by 40% over the last 24 hours and by 10% over the past 10 hours. This rising open interest suggests that traders are placing more bets on long positions than short positions.
Traders and investors often consider the combination of rising open interest and a long/short ratio above 1 when building long positions. With strong bullish on-chain metrics, it appears that WIF is poised for a significant upside rally in the coming days.
