Dogwifhat (WIF), the popular Solana-based meme coin, is poised for an impressive rally as its price action flashes a potential upside rally in the coming days. This bullish outlook emerges on the WIF daily chart following a price correction of over 25%, in the past week.
Furthermore, the meme coin remains in an uptrend as it stays above the 200-day Exponential Moving Average (EMA) on the daily timeframe.
WIF’s positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm CoinGlass, the WIF long/short ratio currently stands at 1.089, indicating strong bullish sentiment among traders. Additionally, its open interest has increased by 5% over the past 24 hours and 12.5% over the past week. This rising open interest suggests growing trader activity and the formation of new positions.
The combination of bullish on-chain metrics and technical analysis suggests that bulls are currently dominating the asset.
