Dogwifhat (WIF), the popular Solana-based meme coin appears set to explode as its price action gains significant attention from crypto giants. On December 7, 2024, the overall cryptocurrency market is showing bullish momentum, with Bitcoin (BTC) and other major altcoins like XRP, BNB, and DOGE experiencing impressive upside movements.

Dogwifhat (WIF) Technical Analysis and Upcoming Bull Run

With bullish market sentiment, WIF has broken out from a prolonged consolidation zone formed at the golden Fibonacci level. According to expert technical analysis, this breakout has shifted the overall market sentiment for the meme coin.

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Based on the recent price action, there is a strong possibility that WIF could initially soar by 20% to reach the recent high of $4.80, which currently acts as a support level. Additionally, there is a possibility of WIF reaching $5 in the coming days.

On the positive side, despite the impressive price rally, WIF’s Relative Strength Index (RSI) currently stands at 65, which is below the overbought level of 70. This data suggests that the meme coin has enough room to continue its upside momentum in the coming days.

WIF’s Rising Open Interest 

However, this breakout and bullishness in the WIF daily chart have shown strong interest from traders. Based on the data, WIF’s open interest has soared by 16% in the past 24 hours and 4.20% in the past four hours.

This growing open interest (OI) suggests strong trader interest and confidence in the meme coin, hinting at potential buying opportunities and further signs of upside momentum.

Current Price Momentum 

At press time, WIF is trading near $3.90 and has registered a price gain of over 13.5% in the past 24 hours. During the same period, its trading volume dropped by 15%, indicating reduced participation from traders and investors compared to previous days.