The Solana ecosystem has resumed activity, with the popular memecoin dogwifhat (WIF) leading the way with a more than 22% increase. The token has already left the major players like Dogecoin, Shiba Inu, Pepe, etc., along with the major cryptos, behind. With this, dogwifhat becomes the third largest memecoin according to market capitalization, surpassing Pepe. Now that the trade is approaching the end of the first quarter, the WIF prices are expected to manifest acute strength and discover new highs.
After facing a minor rejection from the previous highs at $3.38, the price dropped close to the levels around $2.13. Here, the bulls took back the charge of the rally and eventually lifted the levels beyond the 1 FIB level at $3.35. This move pushed the memecoin into the price discovery phase and is believed to remain until it does not test the immediate target.
Ever since its inception, the WIF price has been trading within a rising wedge. Although the levels dropped below the lower support for a while, the bulls jumped in time and revived a strong bullish spell. With this, the price has approached the edge of the wedge, where a huge price action is expected to follow. Having said that, it would be interesting to watch whether the WIF price makes it to $5 before the monthly close or continues to hover within the range.
One of the major reasons to be bullish on dogwifhat is the RSI, which remains within the bullish range. Squashing the bearish impact, the levels have triggered a strong rebound and are trying to surpass the upper threshold. Besides, the DMI is also bullish, substantiating the growing momentum of the rally. Therefore, the dogwifhat price is believed to maintain a healthy upswing for the next few days and reach $5, while the main target could be achieving a double-digit figure before the end of the year.