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Despite ongoing fluctuations in the cryptocurrency market, Solana‘s (SOL) price has surged by approximately 30% over the past seven days. This increase has also led to a similar momentum for Solana-based altcoins. Notably, the price of Dogwifhat (WIF), the most successful memecoin on the Solana Blockchain, has risen by over 61% during the same period. This indicates a bullish trend in the memecoin market.
WIF’s Price Increase
WIF coin’s price continues its upward trend despite the increasing selling pressure in the cryptocurrency market. The memecoin has shown an increase of around 1% in the last day and gained 61.86% in value over the past week. Additionally, it has achieved a return of over 1,100% since the beginning of the year.
The current circulating supply of WIF token is 998.84 million units, and its trading price is $1.79. With these figures, WIF ranks 47th in the global cryptocurrency market with a market value of $1.80 billion.
Technical Indicators Show Positive Signals
Technical analysis reveals that the Relative Strength Index (RSI) indicator shows a sharp rise towards the midpoint, indicating that buying pressure has surpassed selling pressure. This suggests increased investor interest in the WIF memecoin.
Additionally, the MACD indicator shows a significant decline in the red histogram on the 1-day timeframe, indicating a bullish crossover of the averages. These technical indicators suggest that Dogwifhat’s price may perform positively in the short term.
If the bulls regain control of the market, the price of WIF coin could test the resistance level at $2.10. If this level is sustained, the memecoin may move towards the upper resistance level at $3.05 in the coming weeks. However, if the bears dominate the market, Dogwifhat’s price could retest the critical support trend line at $1.24.
