Dogwifhat (WIF) Surges 25%—Can It Moon Past $1.09 Resistance?
Dogwifhat (WIF) has experienced a strong price rally, but analysts warn that breaking above $1.09 is crucial for sustained gains.
By Tylt Editorial Team
WIF surged 25% to $0.775, gaining 22.15% in a week.
Key resistance at $1.09; a breakout could lead to $1.51.
Market momentum and Solana’s growth crucial for further upside.
Dogwifhat (WIF), the Solana-based memecoin, has surged 25% in the last 24 hours, trading at $0.775. With a weekly gain of 22.15%, the token now boasts a market capitalization of $775.2 million, with trading volume spiking to $875.4 million. This sudden price jump has placed WIF among the top gainers, sparking discussions about whether the rally is a short-term recovery or the beginning of a new uptrend.
Technical analysis suggests that WIF faces a crucial resistance level at $1.09. If the price manages to break above this level, it could trigger a rally toward $1.51, aligning with previous resistance zones. However, failure to sustain the uptrend may lead to a correction, with support identified at $0.6547. A breakdown below this level could accelerate selling pressure and a retest of lower price ranges.
Market indicators present a mixed outlook. Of the 17 major technical signals, eight suggest a buy while ten indicate selling pressure, signaling short-term bearish momentum despite the recent surge. The Relative Strength Index (RSI) currently sits at 54.48, approaching overbought conditions, while WIF trades above its 10-day and 20-day EMAs. However, it remains below the 50-day, 100-day, and 200-day EMAs, indicating weak long-term momentum.
Crypto analysts highlight that WIF remains 83.39% below its all-time high (ATH) of $5, which was recorded eleven months ago. On-chain data shows that 46.27% of WIF’s supply is concentrated in the top ten wallets, making price movements highly sensitive to whale activity. Additionally, the token’s rising trading volume suggests heightened interest but also increases volatility risks.
Looking ahead, forecasts predict gradual growth for WIF, with its price potentially reaching $0.7991 by mid-March. Analysts emphasize that a breakout above $1.09 is essential for any sustained rally, with further upside potential dependent on continued Solana network growth and overall market sentiment. While a return to $5 remains a long shot, a resurgence in memecoin hype, increased liquidity, and broader market momentum could be key factors in determining WIF’s future price action.
