- WIF could surge by 30% to reach the $4.7 level if it closes a daily candle above the $3.5 level.
- Currently, 80.93% of top traders on Binance hold long positions, while only 19.07% hold short positions.
dogwifhat [WIF], the popular Solana-based meme coin, is poised for upside momentum after consolidating for three weeks.
WIF appears to be gaining support from long-term holders, leading to a breakout from this consolidation zone and signaling possible upward movement in the coming days.
$94 million WIF outflow from exchanges
However, this breakout of WIF appeared after exchanges witnessed significant outflow, as reported by on-chain analytics firm Coinglass.
During the consolidation period, exchanges consistently experienced outflows, culminating in a substantial $93.80 million withdrawal from the exchanges.
Source: Coinglass
This outflow suggests that long-term investors have transferred $93.8 million worth of WIF from exchanges to their wallets. The metric indicates a potential buying opportunity, reduces the likelihood of selling pressure, and signals possible upward momentum.
WIF technical analysis and key levels
According to AMBCrypto’s technical analysis, WIF has broken out of its prolonged consolidation zone but appears to be struggling to close a daily candle above it.
Based on recent price action, if WIF manages to close a daily candle above the $3.5 level, there is a strong possibility it could surge by 30% to reach the $4.7 level in the coming days.
Source: TradingView
On the positive side, WIF’s Relative Strength Index (RSI) currently stands at 53, below the overbought threshold of 70, suggesting that the meme coin could rally in the coming days.
Additionally, WIF is trading above the 200 Exponential Moving Average (EMA) on both the four-hour and daily time frames, indicating an uptrend.
Bullish sentiment among Binance traders
This bullish technical outlook was further supported by Binance traders, according to Coinglass. The WIF Long/Short ratio on Binance was 4.24 at press time, reflecting strong bullish sentiment among traders.
Additionally, 80.93% of top traders on Binance hold long positions, while only 19.07% hold short positions.
Source: Coinglass
Read dogwifhat’s [WIF] Price Prediction 2024–2025
When combining all these on-chain metrics with technical analysis, it appears that bulls are currently dominating the asset and could support WIF in its upcoming rally.
At press time, WIF was trading near $3.41 and has experienced a price surge of over 4.05% in the past 24 hours. During the same period, its trading volume increased by 25%, indicating heightened trader participation following the recent breakout.
