dogwifhat up 7% in 24 hours – Can WIF’s price rally by +20% in Q4 2024?

• At press time, dogwifhat was up 7% in the last 24 hours
• WIF’s price action looked set for an upward trajectory on the charts

Despite the wider market’s sluggishness, dogwifhat [WIF] continues to gain traction in the memecoin space. This was evident at press time too, with WIF up by over 7% and the altcoin trading above the $2.5 level. Worth noting, however, that its 24-hour trading volume fell by 5.67%, according to CoinMarketCap.

This surge has placed WIF in a promising position, with many analysts expecting more gains from the memecoin. What can we expect from it now in Q4 of 2024?

WIF price prediction

Since mid-September, WIF’s price action has maintained a bullish outlook, overcoming market volatility and showing resilience.

On the daily charts, WIF has consistently retested key support levels, with the Simple Moving Average (SMA) reacting positively each time.

Right now, WIF is working through the first wave of a five-wave Elliott Wave pattern, with its range high at $4.8. The Fibonacci Retracement tool showed WIF is retesting the 0.65 level too.

If the coin holds above this level, the next target will be $3.2. This will imply a +20% hike from the crypto’s press time price, as popular analyst Mac noted on X (formerly Twitter).

Source: Mac/X

This target also aligns with the 1.618 Fibonacci level, which is a realistic milestone given WIF’s current trajectory.

Additionally, the RSI seemed to be trading above the 20 Daily Moving Average(DMA) and remains within a neutral zone. This alluded to the reduced risk of profit-taking and further room for upside, without triggering an overbought condition.

WIF Long/Short accounts

Analyzing trader sentiment, the Long/Short ratio indicated that 59% of traders are currently betting against WIF.

What this meant was that while short-term traders might be looking to secure profits, the overall outlook remained positive. In the hours before press time, for instance, the long position metric rose from 36% to 40% – A sign of renewed bullish sentiment in the market.

Source: Coinglass

This hike in long positions suggested that traders have been positioning themselves for future gains, based on the shorter timeframe data.

Solana-based memecoin market

In addition to the price action, dogwifhat leads the Solana-based memecoin market, with a collective market cap surpassing $10 billion.

Daily trading volume across Solana memecoins also exceeded $2.3 billion, providing WIF with ample liquidity to fuel its next move higher.

This strong liquidity further supports the prediction that WIF could see over a 20% price hike by the end of the year. This will make it a memecoin to watch closely in the coming months.

Read dogwifhat’s [WIF] Price Prediction 2024–2025

Source: Solana Floor/X

WIF is likely to continue capitalizing on the hype surrounding Solana memecoins. With solid technicals, growing liquidity, and positive trader sentiment, dogwifhat may be well-positioned to deliver substantial gains for investors.