Solana-based Wif Memecoin flashes bullish signal

The popular meme coin Dogwifhat (WIF) on the Solana blockchain shows signs of a strong rebound, with the bullish pattern formed on its daily chart indicating a potential price increase. Although WIF prices have fallen by more than 70% since November 2024, some factors suggest that their prices may soar soon.

WIF bullish drivers

Supporting factors for the bullish outlook of WIF include bullish divergence, growth in traders' interest, Solana's recent strong performance and its increasing widespread use.

WIF Technical Analysis and Price Forecast

According to the analysis, WIF forms a bullish divergence at the key support level of US$1.30 on the daily chart. Historically, this support level has played a key role in the rise in WIF prices. The meme coin has hit this support several times since August 2024, with a significant increase each time.

In addition to bullish divergence, WIF currently appears to be consolidating in the $1.345 to $1.50 range. If WIF breaks through this range and closes above $1.52 on the daily chart, its price could rise by 35% to $2.10.

Traders are becoming increasingly interested in WIF

On-chain data shows that traders' interest and confidence in WIF are increasing. The current long-short ratio of WIF is 1.10, indicating strong bullish sentiment. Binance's WIF/USDT long-short ratio is 4.01, which means that every 4.01 long positions corresponds to 1 short position. Additionally, data shows that 80% of top traders hold long positions. These on-chain indicators combined with technical analysis indicate that bulls are currently dominant and may drive WIF to break through consolidation and reach the predicted price.

Solana’s impact on WIF price

Solana’s recent strong performance, record-breaking decentralized exchange trading volume, and the rapid adoption of its technology may also affect the prices of Solana-based altcoins such as WIF.

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