Dogwifhat jumps 16% — WIF price eyes more gains as Solana ETF hype grows

Yashu Gola11 hours agoDogwifhat jumps 16% — WIF price eyes more gains as Solana ETF hype growsWIF has entered the breakout stage of its prevailing BARR Bottom pattern, with Solana ETF hype furthering the memecoin’s upside outlook.825 Total views22 Total sharesListen to article 0:00Altcoin WatchOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe price of Dogwifhat (WIF), a Solana-based memecoin project, surged by 16% in one day, reaching a high of $2.34 on July 1. This is part of a prevailing rebound after WIF’s price climbed 60% from its $1.47 low a week ago. WIF/USDT four-hour price chart. Source: TradingView

The outlook for WIF in July remains bullish, fueled by the emergence of a rare bullish reversal technical pattern and increased excitement surrounding recent applications for SOL (SOL) exchange-traded funds (ETFs) in the United States. Dogwifhat"s BARR bottom pattern hints at 25% gains

Notably, Dogwifhat has been painting a bump-and-run reversal (BARR) bottom pattern since the beginning of June. As of July 1, it had entered the pattern’s breakout phase, now about 25% below its primary target of around $2.81.

The BARR bottom pattern typically consists of three distinct phases: the lead-in phase, the bump phase and the run phase. Notably, the lead-in phase is a prolonged bearish trend characterized by a series of lower highs and lower lows, forming a descending trendline.BARR bottom pattern illustrated.

A sharp decline occurs, diverging from the trendline established during the lead-in phase, called the bump phase. Finally, the price starts to recover, breaking through the trendline established during the lead-in phase. This is called the run phase.

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A BARR bottom breakout typically pushes the price toward the level at a length equal to the maximum distance between the lead-in phase trendline and the deepest bump point. Applying the same rule of technical analysis, WIF’s upside price target for July is around $2.81.WIF/USDT four-hour price chart featuring BARR bottom setup. Source: TradingView

However, WIF’s price faces stiff resistance from its 200-4H exponential moving average (200-4H EMA; the blue wave) at around $2.37. A pullback from this wave could see the bears pull the price down toward the 50-4H EMA at around $2.06. 

According to veteran analyst Tom Bulkowski, BARR bottom patterns have a 76% success rate in meeting their upside targets. Solana ETF news is turning bullish for memecoins

Dogwifhat’s ongoing recovery trend has gained significant momentum, particularly following 21Shares’ application for a spot SOL ETF in the United States.

WIF’s price has rallied by over 22% since 21Shares filed its S-1 application with the United States Securities and Exchange Commission on June 28.WIF/USD four-hour price chart. Source: TradingView

Other Solana-based memecoins — including Bonk, Book of Meme (MEME) and PopCat — have risen by similar proportions.Solana memcoins’ hourly, daily, and weekly performances. Source: CoinGecko

If SOL ETFs are approved, it could increase institutional investment and broader market adoption of Solana and its associated projects. This positive sentiment could further boost other Solana ecosystem tokens, increasing prices and helping WIF achieve its BARR target of $2.81 in July.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Altcoin# Markets# Tech Analysis# Market Analysis# Solana# Memecoin# ETFAdd reaction