dogwifhat [WIF] is a memecoin based on Solana [SOL], with its price skyrocketing 10% to $1.05 daily, attracting strong attention.
This move occurs against the backdrop of widespread market optimism and breaking through key resistance levels, raising the question—how far can this rebound go?
The price momentum of WIF and the surge in trading volume
According to CoinMarketCap data, WIF's market capitalization has risen to $1.05 billion, while its 24-hour trading volume surged 83.89% to nearly $588 million.
As the token breaks through weeks of consolidation, the increase in activity reflects rising investor interest.
Naturally, derivatives traders are also getting involved.
CoinGlass reveals that WIF's open contracts have surged 8.42% in the past 24 hours, totaling $476 million.
Meanwhile, as of the time of writing, WIF's long-short ratio is 1.014, indicating strong bullish sentiment among traders. This figure indicates a slight bullish tendency as buying is slightly higher than selling.
The liquidation levels tend to be bullish
Traders are very active around $0.973 and $1.09, with CoinGlass data showing that the cumulative long liquidation at these levels amounts to $18.17 million.
In contrast, the total amount of short positions is only $2.64 million, indicating that bulls are expanding their advantage while bears remain cautious.
dogwifhat Breakthrough Confirmation Uptrend
AMBCrypto's analysis indicates that the token has broken through the downtrend line and has retested it as a support level.
Price trends also confirm a strong daily closing price above the 200-day Exponential Moving Average (EMA) at $1.03.
This move is significant—historically, such EMA-confirmed breakouts usually lead to explosive upward movements.
The chart predicts that the price could rise 30% from current levels, with the next resistance zone located around $1.40.
The Relative Strength Index (RSI) hovers around 62, far below the overbought threshold. This data suggests that WIF has more room for upward movement before traders begin to lock in profits.
All indicators—trading volume, open contracts, liquidations, and technicals—now point to a strong continuation setup.
Whether WIF can reach the expected $1.40 mark depends on its ability to hold the EMA support level and avoid profit-taking.
