- WIF may surge by 30% to succeed in the $4.7 stage if it closes a each day candle above the $3.5 stage.
- Currently, 80.93% of high merchants on Binance maintain lengthy positions, whereas solely 19.07% maintain brief positions.
dogwifhat [WIF], the favored Solana-based meme coin, is poised for upside momentum after consolidating for 3 weeks.
WIF seems to be gaining help from long-term holders, resulting in a breakout from this consolidation zone and signaling doable upward motion within the coming days.
$94 million WIF outflow from exchanges
However, this breakout of WIF appeared after exchanges witnessed important outflow, as reported by on-chain analytics agency Coinglass.
During the consolidation interval, exchanges persistently skilled outflows, culminating in a considerable $93.80 million withdrawal from the exchanges.
Source: Coinglass
This outflow means that long-term traders have transferred $93.8 million value of WIF from exchanges to their wallets. The metric signifies a possible shopping for alternative, reduces the probability of promoting stress, and alerts doable upward momentum.
WIF technical evaluation and key ranges
According to AMBCrypto’s technical evaluation, WIF has damaged out of its extended consolidation zone however seems to be struggling to shut a each day candle above it.
Based on latest value motion, if WIF manages to shut a each day candle above the $3.5 stage, there’s a robust chance it may surge by 30% to succeed in the $4.7 stage within the coming days.
Source: TradingView
On the constructive aspect, WIF’s Relative Strength Index (RSI) at the moment stands at 53, beneath the overbought threshold of 70, suggesting that the meme coin may rally within the coming days.
Additionally, WIF is buying and selling above the 200 Exponential Moving Average (EMA) on each the four-hour and each day time frames, indicating an uptrend.
Bullish sentiment amongst Binance merchants
This bullish technical outlook was additional supported by Binance merchants, in accordance with Coinglass. The WIF Long/Short ratio on Binance was 4.24 at press time, reflecting robust bullish sentiment amongst merchants.
Additionally, 80.93% of high merchants on Binance maintain lengthy positions, whereas solely 19.07% maintain brief positions.
Source: Coinglass
Read dogwifhat’s [WIF] Price Prediction 2024–2025
When combining all these on-chain metrics with technical evaluation, it seems that bulls are at the moment dominating the asset and will help WIF in its upcoming rally.
At press time, WIF was buying and selling close to $3.41 and has skilled a value surge of over 4.05% up to now 24 hours. During the identical interval, its buying and selling quantity elevated by 25%, indicating heightened dealer participation following the latest breakout.
