- Solana meme coin Dogwifhat struggled last week to hit a 3-month low.
- WIF clinched an all-time peak of $4.83 in March, later dipping to $1.55.
- Retrieving 45% in 7 days, WIF’s success is bolstered by rising volumes.
The popular Solana (SOL) meme coin Dogwifhat (WIF) produced a strong seven-day rebound rally, inking 45% gains from a weekly low of $1.55. As WIF is now halfway to the $5 price milestone, the current price range serves as a support floor for WIF as traders show a renewed interest in both Spot and Derivatives.
WIF Jumps in Daily Trading Volume
WIF is back to winning ways on Derivatives markets, conveying a 53.9% upswing in trading volume, currently at $1.69 billion. The Open Interest (OI) indicator, used to examine the density of unsettled leveraged positions, also grew by 25.13% to $282.84 million, according to the latest data by CoinGlass.
On Spot markets, Dogwifhat is enjoying growth in 24-hour trading volume, surging past $507 million at the time of publication. The combined liquidity book still shows $2.52 million in executed sell orders, substantially more than the $1.55 million WIF bids.
Can Dogwifhat Still Fetch $5?
With the renaissance in trading activity, analysts are drawing up the next price targets for Solana’s knitted-hat-wearing dog. For instance, Market Spotter sets a $4.50 price goal for WIF in the next bull run, while some traders dare to dream beyond that.
Bluntz Capital, the crypto analyst who called Dogwifhat’s bottom on June 29, 2024, sees WIF at a double-digit price range, basing this on the Elliott Wave theory. “We now also have an impulsive 5 wave rise from the lows, the first one in months,” claimed the analyst.
In the meantime, Solana’s WIF stepped back into the TOP 50 by global market cap. It now sustains a $2.22 billion market cap and is capped at a max supply of 998,926,392.
Meanwhile, the Solana meme coin community continues to maintain WIF’s relevancy with memes and airdrops. At an all-time high of $4.83 on March 31, 2024, WIF faced substantial sell pressure coming into April, sliding back to $2.15 before Solana whales picked it up to hit the $4 target on May 29, 2024.
On the Flipside
- Price forecasts by crypto analysts are mostly based on technical indicators and historical on-chain data.
- The analysis doesn’t take into consideration the ever-shifting social implications of blockchain technology.
Why This Matters
Meme coins claimed the title of the most profitable niche in Q1 of 2024, surpassing other hot narratives like Real World Assets (RWA) and Artificial Intelligence (AI).
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