Dogwifhat is drawing attention as traders debate its next big move. After a sharp correction, the Solana-based meme coin is stabilizing near key support levels.
Some analysts see potential for a rebound toward $7.50, while others warn bearish pressure still dominates. With sentiment split, the coin remains a hot topic among speculative traders.
Box Formation Signals a Potential Upside Setup
According to an analyst on X, WIF remains within a “box setup” structure that could serve as a base for its next significant leg up. The analyst reaffirmed a personal conviction that a potential move toward the $7.50 region could be imminent, suggesting that the meme coin’s consolidation may precede a sharp rebound.
Despite the speculative tone of the call, the setup has caught the attention of short-term traders seeking an early signal of recovery after months of heavy losses.
Source: X
The current structure shows the coin oscillating within a tight range following a steep retracement from its prior highs. A breakout above the box’s upper resistance could indicate a shift in sentiment, especially if volume expands and market liquidity improves. However, traders caution that the pattern remains fragile and could be invalidated quickly if selling pressure resumes.
Market Metrics Reflect Volatility and Ongoing Speculation
Additionally, Data from BraveNewCoin shows Dogwifhat trading at $0.48, down 8.5% in the last 24 hours, with a market capitalization of $474.7 million. The asset’s 24-hour trading volume stands at $216 million, underscoring continued speculative activity despite recent pullbacks.
Source: BraveNewCoin
As a meme coin native to the Solana blockchain, the coin has carved out a unique niche within the broader crypto community, blending humor and hype to sustain engagement. Its lighthearted branding continues to attract retail traders even as price volatility remains extreme.
Analysts note that, in the absence of fundamental catalysts, the token’s trajectory will likely remain driven by sentiment and liquidity cycles rather than technical fundamentals.
Technical Analyses Warn of Bearish Continuation Before Recovery
Another X analyst, @CaptToblerone, maintains a more cautious outlook, emphasizing sustained bearish momentum on the WIF/USDT chart. The token recently dropped near $0.38, and forecasts from multiple platforms project a potential range between $0.1675 and $0.1881 before stabilization.
Source: X
Some analysts, however, are watching for signs of recovery around $0.75, a level aligned with Fibonacci retracement support. If the crypto manages to hold above this zone, it could signal a reversal phase supported by renewed investor participation. Until then, downside risk remains significant amid broader turbulence in the memecoin market.
In summary, while the crypto’s short-term trend remains volatile and uncertain, its technical setup is drawing close attention from both bulls and bears. Traders are watching whether the “box setup” will serve as a springboard for a new rally or if further declines will confirm the bearish case.