Amid its breakout, Solana memecoin Dogwifhat (WIF) eyes a reclaim of $1.50 and a continuation of its bullish rally. Some analysts suggest that new highs are bound to come if the token holds above a crucial level.<\/p>\n
Over the past month, dogwifhat has seen a massive 190% surge, climbing back to the $1.00 barrier. The memecoin has been in a downtrend since hitting its Q4 2024 high of $4.19 in November, retracing over 92% in five months.<\/p>\n
After the TRUMP memecoin and LIBRA token controversial launches, the sector faced market exhaustion, with most memecoins struggling<\/a> during the Q1 2025 retraces. As a result, WIF lost the $1.00 mark for the first time in a year.<\/p>\n Amid last month\u2019s pullbacks, dogwifhat hit a 14-month low of $0.32 before the crypto market recovery started, but jumped to the $0.60 support at the end of April. Since then, WIF has soared over 70%, reclaiming the key $1.00 resistance on Monday.<\/p>\n This week, the memecoin<\/a> has hovered between the $1.00-$1.20 price range after hitting a three-month high of $1.32 four days ago. Additionally, it retested the recently reclaimed level as support after bouncing from the $0.95 level on Thursday.<\/p>\n Market watcher Rose Premium shared a technical outlook for the cryptocurrency, noting a bullish structure after its recent performance. The trader explained that dogwifhat shows \u201ca classic bullish structure after rebounding from the Fibo Zone,\u201d between the $0.95-$0.98 range.<\/p>\n Based on this, WIF\u2019s trend continuation is likely if the memecoin holds the $1.00 level as support. This could propel the token toward an initial target of $1.15, before reclaiming the $1.26 level and finally reclaiming the $1.37 mark.<\/p>\n Trader Coinvo suggested<\/a> that WIF\u2019s \u201cclassic break and re-test pattern\u201d is \u201cguaranteed\u201d to send the memecoin\u2019s price in a parabolic rally. Similarly, analyst Carl Runefelt from The Moon Show affirmed that dogwifhat is \u201cpotentially ready to continue its rally to new highs.\u201d<\/p>\n Per the chart<\/a>, WIF has been in a symmetrical triangle pattern over the past week, with price breaking out of the upper boundary after surging above the $1.05 level.<\/p>\n According to the formation, the cryptocurrency targets $1.50 if the breakout is confirmed. This level has been a crucial horizontal<\/a> level, serving as a key bounce area during the 2024 retraces, and could propel dogwifhat to higher targets if reclaimed.<\/p>\nWIF Breakout Eyes $1.50<\/h2>\n