Dogwifhat (WIF) Soars Amid Bullish Momentum and SOL ETF Hype
Dogwifhat (WIF), the leading memecoin by market capitalization on Solana, experienced a notable surge, climbing 16% in a single day to reach $2.34 on July 1. This upward movement is part of a broader recovery trend, with WIF's price skyrocketing by 54% from its recent low of $1.5 on June 24. WIF is currently trading at $2.31, up 1.95% over the past 24 hours.
The outlook for WIF in July appears promising, bolstered by the emergence of a rare bullish reversal technical pattern and the growing excitement surrounding recent applications for Solana (SOL) exchange-traded funds (ETFs) in the United States.
Dogwifhat has been forming a bump-and-run reversal (BARR) bottom pattern since early June. As of July 1, it has entered the breakout phase of this pattern, currently about 25% below its primary target of approximately $2.81. The BARR bottom pattern typically includes three phases: the lead-in phase, the bump phase, and the run phase. WIF is currently in the run phase, where the price starts to recover, breaking through the trendline established during the lead-in phase.
Adding to the positive sentiment, Dogwifhat's recovery trend has gained momentum following VanEck and 21Shares' applications for a spot Solana ETF in the United States. WIF's price has rallied over 22% since the issuers filed the S-1 applications with the U.S. Securities and Exchange Commission last week.
Other Solana-based memecoins, such as Popcat and Michi, have also seen outstanding gains in the past week, rising 41% and 76% respectively. If the SOL ETFs are approved, it could pave the way for increased institutional investment and broader market adoption of Solana and its associated projects.