- dogwifhat has clawed its way back from an 11-month low, boasting a 12% gain in just 24 hours.
- This sudden surge liquidated over $2M in short positions, the highest in over two weeks.
On the 29th of January, the memecoin market took a nosedive, with the total market cap of these tokens shrinking by 2% to $92 billion.
Yet, Solana [SOL]-based meme coin dogwifhat [WIF] laughed in the face of adversity, recording a 12% gain in 24 hours to trade at $1.32 at press time.
WIF is bouncing back after hitting an 11-month low below $1. This dip has lured buyers, as CoinMarketCap data reveals a 210% surge in trading volumes to $1 billion at press time.
Simultaneously, short liquidations skyrocketed to $2M per Coinglass, marking the highest level in two weeks.
With short liquidations fueling the buying frenzy, is WIF poised for a robust rebound, or will the bears claw their way back?
dogwifhat price analysis 
dogwifhat’s rebound from multi-month lows aligns with robust buying volumes, hinting at a potential continuation of the bullish trend.
However, for the bulls to maintain dominance, WIF must overcome resistance at the 0.786 Fibonacci level ($1.62).
The Relative Strength Indicator (RSI) has surged northward, forming a buy signal after crossing above the signal line.
Yet, the RSI value lingers in bearish territory at 40. For a confirmed bullish momentum, this indicator must rise above 50.
The on-balance volume (OBV) indicator, with a negative value, paints a similar picture. Buying pressure has yet to surpass selling pressure, potentially stalling the rally.
If WIF flips resistance at $1.62, it could spark a bullish reversal. Conversely, if the uptrend falters and WIF dips below $1 again, the bearish trend may persist.
Key levels to watch 
The forced closure of $2M short positions ignited a buying frenzy, propelling WIF to a strong rebound above $1.
WIF’s liquidation heatmap with a 24-hour lookback period illustrates how the memecoin rebounded as these positions were liquidated.
The next liquidation cluster above the press time price is at $1.37. If WIF hits this price, and short sellers become forced buyers, it could bolster the uptrend.

Simultaneously, traders should be wary of a drop to $1.26, which could trigger long liquidations. A dip below $1 to $0.97 might precipitate a steeper downtrend due to the large cluster of liquidations at this level.
Can WIF reclaim its top spot among Solana memecoins? 
The Solana memecoin arena has been buzzing with activity following the launch of Official Trump (TRUMP), currently the largest SOL-based meme with a $5.57 billion market cap.
WIF, with a $1.32 billion market cap, ranks third after BONK [BONK]. If WIF can sustain its recent gains, it might flip BONK in the near term.
However, to reclaim its top spot, WIF needs to rally past $5.
Read More
- EUR JPY PREDICTION
- DF PREDICTION. DF cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- Doctor Strange’s Shocking Return in Marvel’s Avengers: Doomsday Revealed!
- COW PREDICTION. COW cryptocurrency
- ASTR PREDICTION. ASTR cryptocurrency
- USD MXN PREDICTION
- POL PREDICTION. POL cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- YFI PREDICTION. YFI cryptocurrency
2025-01-29 19:09