WIF price is rising: here’s why Dogwifhat has a 155% upside

Dogwifhat price rose for the second consecutive day as Bitcoin and most Solana meme coins jumped.

Dogwifhat (WIF) token rose to around $0.92 on July 3, up by 43% from its lowest level this week. Other top Solana (SOL) meme coins like Bonk, Fartcoin, and Pudgy Penguins have also rebounded. 

WIF may have further upside, as on-chain data points to increased whale accumulation. According to data compiled by Nansen, Dogwifhat whales now hold 39 million tokens, up from 38.4 million last month, their highest level since June 28. This suggests that larger holders expect the rally to continue.

Additional data reveals that the top 100 addresses have also increased their positions in recent weeks. They now hold over 771 million WIF tokens, compared to 746 million in June.

Holders are also moving WIF off exchanges, typically a sign of long-term conviction. Exchange balances have dropped by 2% over the past 30 days, now sitting at 581 million tokens.

Furthermore, Dogwifhat’s price will likely participate in the crypto bull run that may occur in the second half of the year. The potential catalysts for this rally include the Federal Reserve’s interest rate cuts, increased institutional demand, and the Securities and Exchange Commission’s approval of spot exchange-traded funds. 

WIF price has bullish technicals

The daily chart indicates further upside may be likely. WIF has broken above its 50-day Exponential Moving Average, signaling growing bullish momentum.

The token has also completed a breakout from a falling wedge, a bullish reversal pattern marked by two descending, converging trendlines. Price has decisively moved above the wedge’s upper boundary.

In addition, Dogwifhat is forming a classic cup-and-handle pattern, with the cup’s upper edge at $1.34 and the base near $0.3185. The cup has a depth of approximately 76.26%, and the falling wedge comprises the handle portion of the formation.

Measuring the projected breakout target from the pattern’s depth places the next major resistance at $2.37, roughly 155% above current levels. A bullish confirmation would occur if WIF breaks above the cup’s rim at $1.3473.