Dogwifhat Price Analysis As Solana Whale Scoops $2.9M Worth of WIF, Price Set To Rally?

Dogwifhat has been one of the most phenomenal meme coins to date, venturing well into the single-digit price range. Dogwifhat price analysis shows an 8.3% surge in price in the past 24 hours, triggering renewed interest among crypto investors. The price of WIF at press time is $3.24, representing a 15.5% increase in the past 7 days.

Dogwifhat Price Analysis: WIF Price Scouting for a Breakout, with Price Discovery in the Works

The Dogwifhat price chart looks bullish on the macro. Since the asset was listed on Binance, the price action has made higher lows, consistent with a bullish trend.

Currently, the WIF price is in an ascending triangle, having tested the upper boundary twice already – maybe the third time’s the charm. But having been rejected twice, this resistance around $3.5 may prove hard to break.

The Dogwifhat price is trending above the 50-day and 200-day simple moving averages, although the price action has been rather tightly interwoven with the indicators in the recent past.

Crypto analysts are over-optimistic about WIF price, calling for a breakout soon and a price surge to around $50.Trader @Crypto_Scient predicts a $50 price target for WIF based on the daily bull pennant formation, potentially pushing its market cap to $50 billion. 

$WIF, This Daily Bull pennant of WIF has an upside price target of $50 (which would put its market cap at around $50b)

Although it's quite possible during the blow-off top phase, I would be happy with anywhere around $10.

Either way, the pennant resolves in approximately 1… https://t.co/JLZfB61sRx pic.twitter.com/F30sI3MBAZ

— Scient (@Crypto_Scient) May 24, 2024

On the daily chart, the WIF price action is sporting a bull pennant, with an upside potential of 120% if a breakout happens. This would put the price of WIF around $7.5. 

The pennant is expected to resolve in about a week, giving investors clarity on where the Dogwifhat price wants to move next. If WIF breaks out to the upside, key resistance points it would meet would be around $4.1, $5.7, and $6.8

An inverse scenario would be the meme coin resolving downwards. Key support areas to watch for would be $2.5, $1.4, and $0.33.

What Caused WIF’s Sudden Price Spike?

WIF price uptick happened around the same time a Solana whale spent 17,966 SOL (approximately $2.98M) to buy 953,177 WIF. The whale managed an entry of around $3.13 and is currently 3.51% in profit. The whale single-handedly caused a WIF’s price to move up by about 7%.

On May 21, this whale also spent about 1 million USDC to purchase 355,417 WIF at $2.81. The whale later sold the following day at $3.07, bagging $90,000 in profit. This data underscores the importance of whales’ involvement in crypto markets. 

Bottom Line

Solana meme coins have been performing extremely well in the recent past and this recent surge in WIF price has catapulted it into the top 30 largest cryptocurrencies by market cap. As the market moves closer to the main bull run, meme coins like Dogwifhat price analysis indicate the possibility of even higher prices.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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