๐ถ WIFโs Price Struggles After a Huge Rally
Dogwifhat (WIF), one of the most popular Solana-based memecoins, recently surged by over 75%, making headlines across the crypto space.
However, that rally seems to be losing steam. The price has dropped 5.5% in the last 24 hours, and traders are now fearing a potential crash.
At press time, WIF is trading at $0.559, sitting just above a critical support level at $0.545. If this level fails to hold, the price could drop by 25% to around $0.41 in the coming days.
๐ Trading Volume Drop Signals Weak Momentum
โ๏ธ 40% drop in trading volume in the last 24 hours โ showing that fewer traders are participating.
โ๏ธ Lower volume + falling price = weak momentum, which can lead to further declines.
๐ Technical Analysis โ Key Levels to Watch
WIF is currently at a crucial price level where it could either bounce back or drop sharply.
โ๏ธ If WIF stays above $0.545, there is still a chance for an upside recovery.
โ๏ธ If WIF falls below $0.545 and closes a daily candle below it, expect a potential drop to $0.41 (a 25% decline).
๐ Technical Indicators:
๐น Chaikin Money Flow (CMF): +0.04 (Buying Pressure Still Present)
๐น Funding Rate: -0.00103% (Bearish Sentiment Increasing)
๐น Long/Short Ratio: 0.944 (More Short Positions)
The Chaikin Money Flow (CMF) remains positive, suggesting some buying pressure. However, the bearish momentum could take over if WIF loses support.
โ ๏ธ Bearish On-Chain Signals โ Is WIF Losing Strength?
On-chain data from Coinglass suggests that traders are leaning bearish:
๐ป Funding Rate is negative, meaning more traders are betting on a price drop.
๐ป Long/Short Ratio at 0.944 = More traders are shorting WIF.
๐ป 51.44% of traders are short, while 48.56% are long, showing that sentiment is bearish overall.
๐ Whatโs Next for WIF?
๐น If WIF holds $0.545, we could see another price recovery.
๐น If it drops below $0.545, a 25% decline toward $0.41 is possible.
๐น Traders should watch volume and funding rates โ if selling pressure grows, a sharper decline could follow.
๐ Is WIF headed for a deeper drop, or will it bounce back? Share your thoughts! ๐
