As Cointelegraph reported, Solana-based meme coin Dogwifhat (WIF) has risen 15% in the past 24 hours, reaching $1.98 on September 24. Previously, WIF’s price fell 60% from its all-time high of $4.85 six months ago.

Data from Cointelegraph Markets Pro and TradingView show that WIF has risen 37% from a low of $1.44 on September 18 to trade at $1.96 on September 24.

According to CoinGecko data, the total market value of meme coins rose by 0.33% to $2.3 trillion, and most of the largest meme coins rose on September 24.

Some crypto traders expect Dogwifhat to continue to recover on the current momentum and approach all-time highs. Analyst Sjuul said that WIF is slowly climbing and has been quietly accumulating since last month's support level.

Technical analyst Crypto Jobs noted that WIF price broke out of a 180-day falling wedge, with $1.98 and $2 acting as key resistance levels. The trendline of the falling wedge at $1.75 is an immediate support level for the Meme coin.

Notably, WIF’s recent rally has seen it flip over key support levels including the 50-day, 200-day, and 100-day moving averages at $1.70, $1.80, and $1.85, respectively. Increased buying could push WIF further up to $2.55.

Futures traders are skeptical of a quick rebound, and if prices recover to $2.02, $10.91 million of short positions would be at risk. A 10% drop in prices to $1.80 would liquidate $13.63 million of long positions.

The Dogwifhat price increase on September 24 was accompanied by a significant increase in open interest (OI). According to CoinGlass data, WIF’s OI rose from $232.82 million on September 23 to $315.95 million on September 24, an increase of approximately 30.45%.

Additional data from Coinglass shows that demand for leveraged long positions at WIF has increased in recent days, with the perpetual futures funding rate at 0.0073%.