Dogwifhat (WIF) Jumps 12.4% Amid Mixed Signals
Key Takeaways
Dogwifhat (WIF), a Solana-based memecoin, is currently experiencing significant price volatility. After dropping to $0.922 USD, the price has rebounded and is now around $1.048 USD — a 12.4% increase within 24 hours. Despite this upward movement, the market remains divided: while buyers are currently in control, selling pressure on exchanges remains high. The key question: Can WIF reach the $1.28 USD mark, or is a pullback imminent?
Strong Demand Meets Persistent Selling Pressure
Over the past 30 days, WIF’s price has surged by approximately 150%. A clear trend has emerged in recent days: buyers have acquired 25.82 million WIF tokens, while sellers have offloaded 19.64 million. This results in a positive delta of 6.18 million — a sign that demand currently exceeds supply.
This trend is also reflected in the futures markets: according to data from Coinalyze, 68% of open positions are long, while only 31% are betting on a decline. This suggests traders are generally optimistic.
Technical Indicators Show Mixed Signals
Although the price has risen in the short term, technical indicators have yet to confirm a clear buy signal. The Relative Strength Index (RSI), a measure of market momentum, currently stands at 63 — below its moving average (MA) of 68. This indicates that caution still prevails in the market.
Additionally, analysis from CoinGlass shows that the net inflow of WIF to exchanges recently stood at $5.09 million USD. This means more tokens are being deposited to exchanges than withdrawn — a potential sign of selling pressure.
What Needs to Happen for WIF to Reach $1.28 USD?
For WIF to sustainably rise above the $1.28 USD mark — the level of the 200-day EMA (Exponential Moving Average) — two conditions must be met:
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- The RSI must surpass its moving average, indicating a potential trend reversal.
- Buying activity must continue to significantly outpace selling pressure.
If these conditions are not met, the price could fall back to $0.84 USD — a level that serves as the next support zone.
Our Assessment
Dogwifhat is at a critical juncture. The short-term rebound and strong buying interest show potential for further gains. At the same time, technical indicators and exchange data urge caution. Anyone investing or considering investing in WIF should closely monitor the RSI and exchange inflows. A breakout above $1.28 USD is possible — but only if buyers maintain control.
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