Dogwifhat (WIF) Price Surges: Solana ETF Boosts Memecoin Outlook

The price of Solana-based memecoin Dogwifhat (WIF) surged 16% in a single day, reaching a high of $2.34 on July 1. The rally was part of a 60% rebound in WIF’s price from a low of $1.47 a week earlier. July has been a promising month for WIF, as a rare bullish reversal technical pattern emerged and interest in a Solana exchange-traded fund (ETF) filing in the United States grew.
 

BARR bottom pattern points to 25% gain

Dogwifhat has been forming a "Beat-Run-Reversal" (BARR) bottoming pattern since early June. As of July 1, WIF has entered the breakout phase of the pattern and currently has about 25% to go to its primary price target of $2.81.

The BARR bottom pattern usually consists of three phases: the induction phase, the rising phase, and the running phase. The induction phase is a long-term bearish trend characterized by a series of lower highs and lower lows that form a descending trendline. This is followed by a sharp decline that deviates from the trendline of the induction phase, known as the "rising phase." Finally, the price begins to recover and breaks through the trendline of the induction phase, entering the "running phase."

Solana ETF News Boosts Memecoin

Dogwifhat's recovery trend has been significantly strengthened after 21Shares filed for the US Spot Solana ETF. Since 21Shares filed its S-1 with the U.S. Securities and Exchange Commission (SEC) on June 28, WIF’s price has increased by more than 22%. Additionally, other Solana-based memecoins such as Bonk (BONK), Book of Meme (MEME), and PopCat (POPCAT) have all seen similar increases.
 

If the Solana ETF is approved, it could increase institutional investment and broader market adoption of Solana and its related projects. This positive sentiment could further drive up the prices of other tokens in the Solana ecosystem, helping WIF achieve its BARR price target of $2.81 in July.

Overall, with the Solana ETF application heat rising and the BARR bottom pattern breaking, Dogwifhat (WIF) is expected to continue its strong upward trend in the coming months. Investors should pay close attention to market movements to seize this potential investment opportunity.
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