Dogwifhat (WIF), the popular Solana-based memecoin, is grabbing attention again after a sharp price jump. The token surged more than 30% following a significant purchase by WIFStrategy, a digital asset firm that focuses solely on Dogwifhat. On July 13, the firm scooped up 500,000 WIF tokens, helping fuel a bullish wave of momentum.
Breakout Watch: Cup-and-Handle Pattern in Play
On Monday, WIF spiked 12%, breaking out of a rising channel and briefly hitting a local high of $1.30. While it’s since cooled slightly to about $1.22, the price remains above the breakout level a key signal of ongoing strength.
What’s more, WIF is inching closer to completing a cup-and-handle pattern, a classic bullish chart formation. The resistance (or “rim”) of the cup sits at around $1.32, meaning WIF is just 7.5% away from a possible breakout. If the price clears this level, the next major target could be $2.30 a move based on the measured depth of the cup pattern.
Key Levels to Watch
- Immediate resistance: $1.32 (cup rim breakout level)
- Support: $1.20 (upper boundary of the previous ascending channel)
- Deeper support: $1.10 and $1.00 (lower trendline of the ascending channel)
Losing the $1.20 level could weaken the bullish setup and open the door for a pullback toward the $1.10 or even $1.00 range.
Behind the Rally
WIF’s recent strength isn’t just technical. The token also got a boost in June when it was listed on Bithumb, one of South Korea’s largest crypto exchanges. That listing helped reverse a months-long downtrend and may have laid the groundwork for the current uptrend.
The WIFStrategy purchase on July 13 was another major turning point. The market responded quickly, pushing WIF up 30% from that day’s opening price to the peak of $1.30.
Bottom Line
With a bullish technical setup, growing market interest, and whale accumulation from WIFStrategy, Dogwifhat looks poised for a potential breakout. If it clears the critical $1.32 resistance, the next stop could be $2.30 making WIF one of the most closely watched memecoins in the market right now.
