Dogwifhat (WIF) Price Forecast: What Next for Solana’s top dog after 500% gains in March?

Dogwifhat (WIF) price closed March 2024 at $4.60, with remarkable gains in excess of 500%. After a turbulent start to April, recent social media trends suggests an imminent bullish reversal.

After 5 consecutive red candles can the growing media traction help WIF defend the $3 support in the near-term?

Dogwifhat makes turbulent start to April 2024

Since the turn of the year, Solana memecoin ecosystem has been on a remarkable run with the likes of Dogwifhat (WIF) and BONK leading the charts.

However, the global memecoin markets made a relatively slow start to April 2024, with the likes of Dogecoin, BONK, and WIF all recording double-digit price declines.

In terms of recent price action, WIF price gained 505% between March 1 and March 31, before a 33.9% pullback between April 1 and April 6.

However, after a week of profit-taking and low market activity, on-chain data shows that investor interest in WIF is starting to grow again.

Dogwifhat social media trends hint at April rally

Interestingly, after a week of consolidation, current media trends suggest WIF has now reached a potential turning point.

Santiment’s Social dominance metric pulls data from relevant media platforms track the level media traction surrounding a specific cryptocurrency project.

Following the euphoria that greeted WIF’ remarkable 505% price rally in March 2024, the media buzz surrounding the project dropped in the first week of April.

But in the last 48 hours, WIF social dominance has doubled from 0.04% to 0.08%. This implies that after a week of flat price action, Dogwifhat has started to generate media buzz again.

Typically, strategic new entrants who missed out on the 505% rally in March 2024 maybe looking to buy when market hype cools off. With media comments now on the rise again, these strategic traders could now consider it perfect timing to enter the fray.

If this scenario plays out, that influx of new capital could send WIF price into another parabolic breakout in April.

Dogwifhat (WIF) Price Forecast: $6 breakout in April?

At the time of writing on April 6, Dogwifhat price is hovering just above the $3.3 area. But rising media buzz presents an opportunity for WIF to attract fresh capital inflows, potentially kickstarting another rally towards the next milestone price of $6 in the days ahead.

However, the $4.64 territory poses significant short-term resistance. As seen depicted by the Bollinger band technical indicators, majority of WIF investors who exited last week, had sold off majority of their holdings around that price level.

But if the bulls can scale that historically significant sell-zone, a decisive breakout above $6 could be on the cards as predicted.

On the flip side, WIF could slip into a prolonged downtrend if the critical support level at $3 caves. But this currently seems unlikely, given the brimming market liquidity and overall positive sentiment surrounding the broader Solana memecoin ecosystem.