Dogwifhat (WIF) Surges: What’s Driving the Meme Coin Rally?
Dogwifhat (WIF), the Solana-based meme coin, has skyrocketed, climbing over 70% in a week to $0.72 as of May 9, 2025. Fueled by community hype and market momentum, WIF is stealing the spotlight. Let’s unpack the technicals behind this rally and its potential trajectory.
The daily chart shows WIF breaking above the 50-day SMA ($0.55) and reclaiming the $0.67 resistance, a level highlighted by @CryptoUB on X. This breakout from a consolidation phase ($0.35–$0.60) signals strong bullish momentum. The RSI is at 66, approaching overbought territory but indicating sustained buying pressure. The MACD’s bullish crossover further supports the uptrend, with trading volume spiking 120% in 48 hours, per CoinGecko.
Community sentiment is electric, with @CryptoCurb predicting $10+ targets, citing WIF’s “parabolic hat ascent.” The “Sphere Wif Hat” campaign and listings on Binance and Coinbase have boosted visibility, driving retail interest. On-chain data shows a 40% increase in active wallets, reflecting growing adoption. However, @StonkChris warns of mean reversion, noting WIF’s drop from $4.50 to $0.35 earlier this year.
Technically, WIF faces resistance at $0.80. A break above could target $1.20 or even $2, aligning with @StonkChris’s 50% reversion thesis. Conversely, a failure to hold $0.67 may see a pullback to $0.50. With altcoin season whispers and meme coin fever—evidenced by Shiba Inu’s 2021 350% May surge—WIF could ride the wave.
Traders should watch $0.67 support and monitor X sentiment for momentum shifts. WIF’s rally is speculative, but its community-driven surge makes it a coin to watch.
