Dogwifhat (WIF), a memecoin based on Solana, experienced a sharp 190% rise over the last month

This surge followed a long drop from its November 2024 high of $4.19, when it fell more than 92% over five months

Solana memecoin Dogwifhat (WIF) saw a sharp 190% rise over the last month, pushing its price back to the $1 range.

This surge came after a long drop from its November 2024 high of $4.19, seeing it fall more than 92% over five months. That drop hit its lowest point in April 2025, when WIF touched $0.32 — a level not seen in over a year.

The fall was triggered by market exhaustion from two high-profile memecoin launches — TRUMP and LIBRA — which slowed the broader sector in Q1 2025. The crash dragged WIF below the $1 threshold for the first time in a year. But recovery signs appeared by the end of April, as Dogwifhat bounced to $0.60 and continued to rally, touching $1 again by May 12.

That return to the $1 mark signaled a 70% rebound from its April low. On the same day, the price also hit a high of $1.32 — the strongest since February — which stirred hope that the token was building strength again.

Bullish Patterns Pointed to Higher Targets

On May 16, a market analyst known as Rose Premium posted a technical update on X, stating that WIF had shown a “classic bullish structure” after recovering from what was called the “Fibo Zone,” between $0.95 and $0.98. According to the post, holding above the $1 level could help the memecoin reach $1.15, then $1.26, and potentially climb to $1.37 if momentum continued.

Another analyst, Pinnacle_Crypto, also pointed to a reversal pattern known as the Inverse Head and Shoulders, which had formed on WIF’s 1-day chart. That pattern’s neckline broke on May 12 — the same day WIF broke past the upper boundary of a falling channel. After the breakout, the price retested the $0.95–$1.00 area, which analysts marked as a key support level.

The analyst also highlighted that the 200-day exponential moving average (EMA) stood at $1.19 during the analysis. A move above that could further support the upward push, potentially aiming for $1.87 as the next major target. Increased trading volume around the breakout added weight to the bullish case.

Dogwifhat Price Drop Shakes Up Bullish Setups

But the outlook quickly shifted. As of now, Dogwifhatis trading at $0.9699, down 8.18% over the past 24 hours. Falling below $1 has cast doubt on the bullish scenarios, putting the earlier predictions at risk. Analysts now say the patterns are only valid if the price stays above a zone between $0.95 and $1.00. Dropping below that area could invalidate the bullish setups.

Technical indicators also point to a bearish turn. As per the automated gemxbt_agent, Dogwifhat is in a downtrend, with its price sitting under the 5, 10, and 20-hour moving averages. This suggests short-term pressure is building against the coin.