While the crypto market is still in a bull run, prices saw a sharp decline this week.

The popular Solana meme coin, Dogwifhat (WIF), is among the assets seeing significant profit-taking and is now down 25% from this week's high of $1.33.

While the crypto market is still in a bull run, prices saw a sharp decline this week.

The popular Solana meme coin, Dogwifhat (WIF), is among the assets seeing significant profit-taking and is now down 25% from this week’s high of $1.33.

Given its high upside potential and relatively undervalued market cap, it’s no surprise that savvy investors are buying the dip in WIF. In fact, among the smart money wallets tracked by Stalkchain, it emerged as the most accumulated meme coin on May 14th.

The Dogwifhat price predictions from prominent analysts reveal that WIF could see more downside volatility in the coming days. However, a local bottom is near and sidelined investors should be cautious not to miss out on this opportunity before an explosive bullish continuation.

Dogwifhat Price Prediction — Where Will WIF Bottom?

Dogwifhat has already established itself as one of the top performers in the ongoing second-quarter bull cycle.

From its April 7th local bottom of $0.30, the WIF price appreciated by more than 330%, trading as high as $1.33 earlier this week. Since then, the Solana meme coin saw a 25% decline as part of a market-wide pullback.

However, experts remain bullish on its prospects. Prominent crypto analyst Bluntz claims that WIF is close to completing its A-B-C corrective waves, which typically mark the end of a pullback and trigger the next bullish leg.

still en route home but finally back to civilization with full reception.dipped my toes into a $wif long on the back of this 22% pullback. pic.cluster nodes into a "hot" area (e.g., DeFi protocols, DEXs, and other projects within the same ecosystem).pullback and varsity investing time!

— BluntZ (@Bluntz777) May 10, 2024

Dogwifhat is expected to now follow one of two possible trajectories — each of which offers an excellent buying opportunity for sidelined investors.

In the first scenario, WIF appears to have bottomed out after breaking below a minor descending channel. A confirmed breakout above its falling wedge pattern would signal a bullish continuation.

If this plays out, sidelined investors may consider entering on strength—while remaining cautious of potential fakeouts that often follow wedge breakouts.

In the more bearish scenario, Dogwifhat could continue to see more downside volatility. In this case, sidelined investors can wait for another retest of the falling wedge’s lower trendline.

WIF could also retest its 20-week Simple Moving Average, an indicator which has been a key support level for the meme coin during its previous bull runs, as marked by the blue arrows in the Dogwifhat weekly price chart below.

WIF managed to flip this moving average last week, and a successful retest could trigger a bullish continuation.

The 20-week SMA is currently at $0.814, so this scenario could mean another 25% decline for the Solana meme coin.

In either scenario, Dogwifhat price predictions from prominent analysts indicate that WIF will continue to be among the top-performing assets in the coming weeks and is poised for a new all-time high. Many are even anticipating a rally to $10 in 2025.

Whales Are Buying Low-Cap Solana Meme Coins As Well

Smart money investors are stacking low-cap Solana meme coins, eyeing 10x to 100x returns in the coming weeks.

For instance, Solaxy (SOLX) has raised over $36 million in its ICO, in large part due to the strong whale demand.

Earlier this week, a whale swapped 150 ETH, worth nearly $500k, for SOLX, adding to the token’s list of six-figure investments.

For the uninitiated, Solaxy is the first noteworthy Solana Layer-2 project, designed to tackle the blockchain’s network congestion issue during high-traffic periods.

Its ZK rollups, a Hyperlane-powered multi-chain bridge and integration with data availability tools like Celestia ensure no transaction failure, high scalability, low-latency transactions and zero downtime.

🛸 Solaxy Testnet Bridge is LIVE! 🛸You can now bridge native SOL between Solana Devnet and Solaxy Testnet at https://t.co/BFMV1G9v4c 🔥🚀Built with Hyperlane, this is the first step toward full cross-chain interoperability.Ethereum bridging is coming for mainnet — stay… pic.twitter.com/8NVoPaqaoV

Solaxy’s testnet bridge just went live today—a development that is expected