After the filing of the spot Solana ETF (Exchange Traded Fund) application with the United States Securities and Exchange Commission on June 28, 2024, tokens based on Solana turned bullish and continuously moving upside. Today, on July 1, 2024, Solana-based Dogwifhat (WIF) and Bonk (BONK) gained massive attention as they topped the crypto-meme industry.
WIF and BONK top crypto-meme industry
Besides WIF and BONK, today the overall market sentiment is bullish. Top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) also experienced an impressive price surge of 2.8%, 2.6%, and 5.5% respectively after a long period of consolidation. Meanwhile, Solana-based meme tokens including WIF, BONK, Book of Meme (BOME), and Cat in a Dogs World (MEW) also gained a price surge of over 12%, 8%, 4%, and 14% respectively in the last 24 hours.
However, since the filing of the Solana ETF application, WIF has surged significantly, experiencing a massive increase of over 55% in price. Additionally, this price surge has also resulted in a breakout of bullish price action patterns according to expert technical analysis. Since May 29, 2024, WIF has been falling and encountering resistance from a strong trendline. Today, on a daily timeframe, it has broken out above that trendline.
Dogwifhat technical analysis and key levels
Whereas, on a 4-hour time frame, WIF is looking more bullish as it gave a breakout of a bullish inverted head and shoulder price action pattern. If WIF gives a candle closing above the $2.36 level then in the coming days we may see a massive upside move to $3.2. However, this bullish sentiment is further backed by open interest (OI) data, which surged more than 24% in just 24 hours signaling higher inventors’ and traders’ interest in WIF.
Following all these bullish parameters, WIF is currently trading near $2.25, and in the last 24 hours, it experienced over 12% price gain, whereas in the same period trading volume surged more than 32% signaling strong investors’ and traders’ participation. However, in intraday, it also made an all-time high of $3.33 according to data from coinmarketcap.
If we look at the performance of WIF over a longer period, in the last 7 days it surged more than 31%. Whereas, in the last 30 days WIF price is still down by 35% despite massive gain in recent days. Although the price is massively recovering after the Solana-ETF application, and changed the overall sentiment.