One significant Solana investor triggered a 7% surge in Dogwifhat (WIF) price, signaling a potential breakout on the horizon. Analysts anticipate a substantial price surge for Dogwifhat in the upcoming days.
Dogwifhat has emerged as a standout meme coin, surging into the single-digit price range. Recent Dogwifhat price analysis reveals an 8.3% price surge in the past 24 hours, reigniting investor interest. The current WIF price stands at $3.24, marking a notable 15.5% increase over the past 7 days.
Dogwifhat Price Analysis: WIF Eyes Breakout with Price Discovery Underway
The Dogwifhat price chart displays a bullish outlook on the macro scale. Since its listing on Binance, the price action has consistently formed higher lows, indicative of a bullish trend.
Presently, the WIF price is within an ascending triangle pattern, having tested the upper boundary twice already. Despite two rejections, the resistance around $3.5 may pose a significant challenge to overcome.
WIF price trends above the 50-day and 200-day simple moving averages, although recent price action closely aligns with these indicators.
Crypto analysts express optimism regarding WIF price, predicting an imminent breakout and a surge to around $50. Trader @Crypto_Scient anticipates a $50 price target for WIF based on the daily bull pennant formation, potentially driving its market cap to $50 billion.
On the daily chart, the WIF price action forms a bull pennant, offering an upside potential of 120% upon breakout, placing WIF around $7.5.
What Sparked WIF’s Price Surge?
The recent uptick in WIF price coincided with a Solana whale’s purchase of 953,177 WIF tokens, spending approximately $2.98M. This whale’s entry around $3.13 resulted in a 7% price increase.
On May 21, the same whale invested 1 million USDC to acquire 355,417 WIF at $2.81, selling the following day at $3.07, yielding a $90,000 profit. This underscores the influence of whales in crypto markets.
In Conclusion
Solana meme coins, particularly Dogwifhat, have exhibited remarkable performance, propelling WIF into the top 30 largest cryptocurrencies by market cap. With the market approaching a potential bull run, Dogwifhat price analysis suggests the likelihood of further price escalation in meme coins like WIF.
