Dogwifhat on a rampage despite lagging Solana
Solana-based meme coin WIF rose to prominence as one of the top performers this July, despite Solana (SOL) trailing the overall crypto market, WIF is on the rise.WIF Bulls appear to be fully engaged. It has increased by more than 50% over the last seven days, making it the best performer on a weekly spectrum
Interestingly, out of all the top meme crypto assets with a market valuation above $1 billion, WIF is the only token in the green. Like a big portion of the crypto market, Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, BONK, FLOKI, and BRETT are all in the red. Dogwifhat is still the fourth-biggest memecoin in market valuation, trailing only Pepe, valued at about $5 billion, almost twice as much as Dogwifhat.
The price of WIF increased from $1.5, gaining traction and closing at $2.37. Important indicators that indicate buyers are in control, such as the 50-day Exponential Moving Average (EMA) at $2.19, reinforce the bullish trend.
The bullish outlook is strengthened by the affirmation of a buy signal by the Moving Average Convergence Divergence (MACD). This would motivate traders to place more buy orders, which can likely push WIF over the resistance level of $2.5. Bulls must overcome seller congestion at the blue declining trend line to accomplish a two-fold rally and hit the previous all-time high of $4.85.
Solana faced selling pressure close to the 61.8% Fibonacci retracement line of the previous negative move, despite testing the $160 resistance.
There are immediate resistance levels at $162 and $172. Another bullish wave is probably in the works if there is a clear daily closing above $162. Solana may aim for stronger resistances around $188 and possibly $192, with a potential extension towards the $200 level, if it can break above $162.
Following its ride on the meme coin craze from March to April, WIF took a significant setback that resulted in a month-long consolidation. WIF stayed comparatively stable during this cycle, despite other meme coins like PEPE and BONK experiencing increases. Several members of the crypto community speculated that WIF had peaked.
An asset’s social volume and investors’ feelings are blended to provide a balanced viewpoint captured by the Santiment Weighted Sentiment indicator. When there is a rise in social volume surrounding an asset, the indicator surges, and most of the messages are favorable. When the emotion is negative the volume is still strong. It remains at zero if the social volume is high but the sentiment is ambiguous. It also remains close to 0 at low volumes.
The weighted sentiment of WIF is 0.6, which suggests that the cryptocurrency community has a positive outlook. The social context of Santiment also reveals that terms like “high” and “rally” have been frequently used about WIF. Corrections occasionally follow a token when the crowd becomes too exuberant, even though this suggests that there may be more upsides.
Since its launch on November 20, 2023, the value of this meme coin has increased by about 2800%. Based on its popularity, the WIF price prediction indicates a bullish performance to outperform well-known meme coins like BONK and Shiba Inu.
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