Analyst – WIF’s 56% weekly gain could be the start of ‘great’ 6-12 months

• Dogwifhat (WIF) rose over 56% this week, showing a strong bullish trend
• Solana memecoins outperformed Base memecoins, with Solana’s memecoin reaching $9.02 billion in market cap

Launched in 2023, the popular dog-themed memecoin Dogwifhat (WIF) is currently in the news for its remarkable price increase.

The Exponential Growth of WIF

According to CoinMarketCap, WIF is up over 56% in the past week. Moreover, the daily chart showed a bullish trend with green candlesticks highlighting a rise of over 3% in the past 24 hours alone.

To confirm this trend, AMBCrypto analyzed technical indicators such as the Relative Strength Index (RSI). At the time of writing, it was in the overbought zone around the 61-level mark.

Source: TradingView

For those who don’t know, when a token is in the overbought or oversold territory, there is usually a pullback or trend reversal that follows.

And with the Bollinger Bands widening, there seemed to be a clear indication of increased price volatility. Simply put, bears could quickly regain market control from bulls in the coming days.

Crypto community remains optimistic

Despite concerns about a possible trend reversal, crypto analysts are quite optimistic about WIF.

According to an X account – Dami-Defi,

“$WIF is back above the accumulation range after showing so much strength. This is a crucial support that it needs to hold. If we see a good weekly close above this level, $WIF will catapult.”

Asad Saddique, CTO of Cryptonary, reiterated the same:

“$WIF from $0 to $4.9B market cap in ~7 months. It has gone through 5 or 6 corrections of >70% as many other dogcoins have challenged the throne, but because of that WIF has established itself as one of the leading dogcoins.”

Saddique emphasized the limited retail presence in the market and also said that a rise in Bitcoin price above $100,000 could increase retail interest. He concluded,

“I remain convinced and overexposed by a basket full of dog coins and believe the next 6-12 months will be great for the entire dog-themed meme category.”

Solana’s Memecoin Dominance

Meanwhile, memecoins based on Solana are all outperforming their counterparts, such as those on the Base blockchain.

According to CoinGecko, the market cap for Solana memecoins was $9.02 billion, reflecting a 10.6% increase in the last 24 hours. On the contrary, Base memecoins had a market cap of “only” $1.82 billion.

AMBCrypto’s analysis of Santiment’s data further supported this trend. It showed that the RSI for BRETT, a Base-based memecoin, was lower compared to WIF, a Solana-based memecoin.

Source: Santiment