Dogwifhat (WIF) Surges 9% as Bullish Sentiment Drives Trading Activity

Dogwifhat (WIF), a popular Solana-based memecoin, has experienced a bullish streak for the third consecutive day, driven by a broader market rebound. This upward trend has been further bolstered by a shift in overall market sentiment, with most assets turning green and recording significant price surges.

At the time of writing, WIF was trading near $0.62, marking a 9% increase over the past 24 hours. This bullish momentum has attracted considerable attention from traders and investors, leading to a surge in trading activity. According to on-chain analytics firm CoinGlass, trader interest in the memecoin has skyrocketed, with a significant increase in long-side bets and the opening of new positions.

The Binance WIFUSDT Long/Short ratio stood at 2.34, indicating strong bullish sentiment among traders. This means that for every 2.34 long positions on WIF, there is only one short position. Further data reveals that 70.10% of top traders favored long positions, while just 29.90% held shorts, underscoring strong market conviction.

Liquidation data revealed that traders have targeted the $0.582 and $0.633 levels as key support and resistance zones and are over-leveraged at these levels. Over the past 24 hours, they have built $3.71 million worth of long positions near the lower level and $394.17k worth of short positions near the upper level. These bets reflect a bullish market sentiment at the moment.

On-chain signals continued to reflect an upside bias. At press time, the OI-weighted Funding Rate stood at +0.0060%, suggesting more traders were paying to hold long positions. Meanwhile, Open Interest surged by 10%, further reinforcing the growing confidence among traders betting on continued upside momentum.

According to technical analysis, WIF appeared bullish and poised for a significant upside rally at press time. The four-hour chart showed that WIF had successfully broken out of a descending triangle pattern, paving the way for further upward movement. If the price holds above $0.60, there’s room for a 20% rally, potentially pushing WIF toward the $0.783 resistance. Besides price action, WIF’s Relative Strength Index (RSI) stands at 62, indicating strong momentum. Despite the notable surge in the memecoin’s price, this RSI level suggests that it still has room to continue its upward momentum before entering overbought territory.