The popular Solana-based meme coin Dogwifhat (WIF) price is poised for a massive upside rally due to the bullish outlook from its on-chain metrics. Despite the recent price drop across the cryptocurrency market, WIF’s open interest has continuously risen since the beginning of September 2024, according to CoinGlass data.
Rising Open Interest and Positive Funding Rate
The rise of open interest means that the number of Dogwifhat futures contracts, despite expiry or closures, is continuously increasing. It has grown by 16% from $199 million to $226 million. This shows the rising interest of investors and traders.
To support this bullish outlook, Coinglass’s WIF OI-Weighted funding rate is currently positive suggesting that long traders expect the price to rise. The combination of rising open interest and positive funding rates signals a strong bullish sentiment.
Dogwifhat Technical Analysis and Upcoming Levels
In addition to the bullish outlook from on-chain metrics, expert technical analysis suggests a massive price rally in the coming days. Since August 2024, WIF has been trading in a parallel channel pattern, and it is currently at the bottom of this pattern.
Based on the historical price momentum, whenever the WIF price falls to the bottom of the pattern it tends to experience a price surge of over 20%. This time, there is a strong possibility it could rise by 20% to the $2.05 level. Currently, the Relative Strength Index (RSI) is in an oversold territory suggesting price reversal may be ahead ahead.
Dogwifhat (WIF) Price and Expert Views
On September 3, 2024, a crypto expert made a post on X (previously Twitter) citing that nobody is ready for the V reversal that’s about to happen. This statement indicates the overall bullish structure of WIF across the crypto landscape.
At press time, WIF is trading near $1.61 and has experienced a price surge of over 7% in the last 24 hours. Meanwhile, its open interest has also increased by 8% during the same period, indicating growing interest from investors and traders amid a bullish outlook.
Source: https://coinpedia.org/news/dogwifhat-wif-price-rally-imminent-key-metrics-indicate-bullish-move/