Dogwifhat $WIF 1.18 has outperformed Bitcoin during the recent rally, up over 27% in the past three days. But the Solana memecoin has underperformed the top cryptocurrency year-to-date, down about 38%.
But a bull pennant formation may put Dogwifhat in a position to catch up in the coming weeks
As of May 22, WIF’s price was testing the pennant’s upper trendline for a breakout, with its technical target at around $2.50, up about 125% from the current price levels.
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The upside target aligns with the 0.5 Fibonacci retracement line, which has served as resistance during WIF’s consolidation phase between November 2024 and January 2025
