Dogwift jumps 16% – WIF price eyes Solana ETF gains as boost grows
Dogwhiphat (YF), a Solana-based memecoin project, rose 16% in one day, peaking at $2.34 on July 1st. A week ago.
The outlook for WIF remains bullish in July, due to an unusual bullish reversal technical pattern and increased euphoria in the US for SOL (SOL) exchange-traded funds (ETFs).
The bottom pattern of Dogwhip's BARR suggests a 25% gain
Specifically, DogwhipHat has been painting the bottom pattern of a hit-and-run reversal (BARR) since early June. In the year Since July 1, it has entered a breakout phase of the pattern, now about 25% below the initial target of $2.81.
A BARR bottom design typically consists of three separate stages: the lead section, the beater stage and the runner stage. Specifically, the lead level is a long-term bearish trend characterized by a series of low highs and low lows, creating a downtrend.
During the lead-in phase, a sharp decline occurs that separates from the established trend line, called a breakout. Finally, the price starts to recover by breaking the trend established during the lead phase. This is called the running level.
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The BARR down break pushes the price to the level by a length equal to the maximum distance between the lead-in line and the deep strike point. Applying the same rule of technical analysis, YFF's July price target is around $2.81.
However, WIF price faces strong resistance from the 200-4H Exponential Average (200-4H EMA, the blue wave) around $2.37. A pullback from this wave could see the bears drag the price down to the 50-4H EMA around $2.06.
According to veteran analyst Tom Bulkowski, BARR down patterns have a 76% success rate in achieving their breakout target.
Solana ETF news is going strong for memecoins.
Dogwhiphat's ongoing recovery trend has received significant momentum, particularly following 21Shares' application for a spot SOL ETF in the United States.
Since 21Shares filed its S-1 filing with the U.S. Securities and Exchange Commission on June 28, WIF's share price has risen more than 22 percent.
Other Solana-based memecoins — including Bonk, Book of Memes (MEME), and Popcat — rose by similar amounts.
If SOL ETFs are approved, it could boost institutional investment and wider market acceptance of Solan and its related projects. This positive sentiment could boost other Solana ecosystem tokens, prices, and help YFF achieve its BARR target of $2.81 in July.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
