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<p>The overall cryptocurrency market sentiment appears to have shifted to an uptrend. Amid this, the popular Solana-based meme coin Dogwifhat (WIF) is poised for a significant upside rally as it is on the verge of a mega breakout.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-dogwifhat-wif-technical-analysis-and-upcoming-levels"><strong>Dogwifhat (WIF) Technical Analysis and Upcoming Levels</strong></h2>  
<p>According to CoinPedia’s technical analysis, WIF, with its impressive price surge reached near its crucial resistance level of $2.95 level. However, this is the third time WIF has reached this level since June 2024. Previously, the meme coin experienced a notable price decline of over 50% after hitting this level.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/10/15021523/WIFUSDT_2024-10-15_02-15-08.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/15021523/WIFUSDT_2024-10-15_02-15-08-1024x448.png" alt="" class="wp-image-365849"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>However, this time, sentiment is different as we come near to the presidential election and overall <a href="https://coinpedia.org/news/why-bitcoin-price-is-increasing-today-the-reason/" rel="noopener noreferrer nofollow">cryptocurrencies</a> are experiencing a notable price surge. If WIF breaks this resistance level and closes a daily candle above the $2.95 level, there is a strong possibility it could soar by 30% to reach the $4 level in the coming days.&nbsp;</p>  
<p>In a four-hour time frame, WIF has already breached this level, but on a daily time frame, it is struggling to close its daily candle above it. Additionally, the meme coin is in an uptrend, as it is trading above the 200-day Exponential Moving Average (EMA).</p>  
<h2 class="wp-block-heading" id="h-wif-s-bullish-on-chain-metrics-nbsp"><strong>WIF’s Bullish On-Chain Metrics&nbsp;</strong></h2>  
<p>WIF’s positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/WIF" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a>, WIF’s Long/Short ratio currently stands at 1.03, indicating strong bullish sentiment among traders.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/10/15021620/image-104-71-1024x268.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/15021620/image-104-71-1024x268.png" alt="" class="wp-image-365850"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Additionally, its future open interest has skyrocketed by 15% over the past 24 hours and 5.5% over the past four hours. This rising open interest suggests growing traders' interest in the WIF as it approaches the resistance level.&nbsp;</p>  
<p>Combining these bullish on-chain metrics with the technical analysis, it appears that currently bulls are dominating the asset and may help traders and investors breach that level.</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>  
<p>As of writing, WIF is trading near $2.86 and has experienced a price surge of over 9.5% in the past 24 hours. During the same period, its trading volume jumped by 45%, indicating higher participation from traders compared to the previous day, potentially driven by the bullish outlook.</p>

WIF Poised for 30% Rally, Buy Opportunity or What?

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