dogwifhat dropped by more than 11%, at press time, in the past 24 hours. The Solana-based memecoin struggled while Solana
$SOL traded just below $200.
The move has sparked frenzy among whales as most meme coin trade at discount. WIF could be gearing for a reversal as anticipated by traders who are in accumulation.
WIF faces a key resistance at $0.97, where approximately $1.4 million in leveraged short positions are concentrated.
Another significant cluster of shorts sits just above the $1 mark, posing a challenge for WIF to reclaim the $1 level.
On the other hand, longs were at $0.90 level and below. A fall to this level would trigger these buy positions. A reversal could be started at this level.
$WIF #WIF #WIFARM