Dogwifhat (WIF) Shows Signs of a Potential Comeback, Can It Skyrocket by 35%?

Dogwifhat (WIF), a popular memecoin on the Solana blockchain, has been showing signs of a potential comeback after forming a bullish price pattern on its daily chart.

Dogwifhat (WIF), a popular memecoin on the Solana blockchain, has been closely watched by traders due to its potential for a bull run. Several factors support this outlook, including bullish divergence, rising interest from traders, Solana's recent gains, and its massive adoption.

After a difficult few weeks, with a price drop of over 70% since November 2024, WIF might finally be set for a comeback.

A closer look at WIF’s technicals reveals a bullish divergence on the daily timeframe at a crucial support level of $1.30. This level has been historically significant for WIF, with the altcoin recording some impressive price surges from over here.

A breakout from this consolidation, closing a daily candle above the $1.52-level, could see WIF surge by 35% to hit the $2.10-level in the future.

According to AMBCrypto’s analysis, the meme coin has hit this support level four times since August 2024. Each time, it has seen some impressive upward momentum.

Furthermore, WIF has been consolidating within a tight range between the $1.345 and $1.50 levels.

Traders’ rising interest in WIF is evident in the strong intraday demand, as reported by the on-chain analytics firm Coinglass.

At the time of writing, WIF's long/short ratio on Binance was 4.01, indicating strong bullish sentiment among traders.

Meanwhile, Binance's WIFUSDT long/short ratio stood at 4.01, meaning that for every 4.01 long positions, there was one short position. This can be seen as a a sign of traders strongly favoring the asset. Additionally, data further revealed that 80% of top traders held long positions, while 20% held short positions.

Combining these on-chain metrics with technical analysis suggests that the bulls are currently dominating the asset and could help WIF break out of its consolidation to reach the predicted level.

Solana's recent performance, record DEX volume, and rapid adoption of its technology could also influence WIF and other SOL-based altcoins' prices.