dogwifhat (WIF) has begun the week with an impressive rally. The meme coin has performed better than other top meme coins.
At the start of the week, WIF surged by approximately 20%. WIF reached a high of $2.32 before coming down to $2.22 at press time.
Despite the recent surge, WIF still has major ground to cover before reaching its previous ATH of $4.85, set in March. The current price represents a more than 50% deficit from that peak.
This stands in contrast to other meme coins like PEPE, which managed to break its ATH multiple times in May.
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Technical Analysis and Price Predictions
Crypto analyst Davie Satoshi has highlighted a crucial technical level for WIF’s price action. According to Satoshi, while the return to $2.20 is positive, WIF needs to break through a key diagonal resistance line to reverse the current downward trend and escape the bearish channel it has been trading in.
Echoing this sentiment, analyst Crypto Tony emphasizes the importance of WIF breaking through the orange diagonal resistance line. This move is crucial for reversing the current trend and potentially setting up a more substantial rally.
Read more: Here’s Why Ethereum Name Service (ENS) Price Is Pumping
Broader Solana Meme Coin Ecosystem Thrives
WIF’s strong performance is not isolated within the Solana meme coin ecosystem. Other popular Solana-based meme coins are also showing impressive gains:
- BONK: Up 9.7% in the last 24 hours
- MOG Coin (MOG): Gained 12.34% over the same period
- Popcat: Increased by 12.25%
This collective upward movement suggests a broader positive sentiment towards Solana-based meme coins, potentially driven by increasing price of Solana and other coins.
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