Memecoins
WIF Price Prediction Based on Solana – Memecoin Could Surge 45% IF…
- WIF successfully retested its bullish double bottom price action pattern
- Short positions worth $22 million will be liquidated if WIF breaks above $2.92 level
At press time, the cryptocurrency market appeared bullish due to the impressive performance of major crypto assets over the past 24-48 hours. Needless to say, many of the market’s meme coins also took a backseat to Bitcoin, with popular cryptocurrencies Dogwifhat (WIF), a Solana-based memecoin, is a being one of them.
In fact, WIF also seemed to be giving a bullish signal on the price charts.
Why WIF Could Rise 45%
Potential reasons behind WIF’s bullish outlook include the recent successful breakout test, an increase in open interest (OI), and a sustained price rally in Solana (SOL). According to on-chain analytics firm CoinGlass, WIF’s OI value has increased by 2.2% over the past 24 hours, indicating growing interest among investors and traders.
Additionally, SOL’s performance also affects the price of WIF. In the last 7 days alone, SOL has seen a price increase of over 10%. The increased interest in Solana has translated into increased interest in memecoins based on its blockchain.
Dogwifhat (WIF) Technical Analysis and Future Levels
At the time of writing, the daily chart of WIF looked very 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.
Source: TradingView
On a 4-hour time frame, WIF was trading above the 200 exponential moving average (EMA). If an asset’s price 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 could surge by an impressive 45% and reach its $2.92 and $3.75 levels.
Here it should be emphasized that if Wireless Hits $2.92 Level, Over $22 Million in Short Positions Will Be Liquidated on Binance Alone. Data from CoinGlass revealed that over the past 7 days, Binance short sellers have created massive $22 million in short positions as they believe WIF will not reach the $2.92 level.
Source: CoinGlass
In addition to this technical analysis, a crypto analyst recently shared on X (formerly Twitter) that he thinks WIF will hit $5 on the charts soon.