The spike in the values of Solana-based meme coins on Wednesday led Dogwifhat (WIF) to record a double-digit rally during the day’s trading session.

The price of the dog-themed meme asset climbed by 66% to an intraday high of $1.77, outperforming the leading asset, Bitcoin (BTC), and other memecoins. 

Dogwifhat Seeks to Remain “on Top”

At press time, WIF trades at $1.70. Its value has since declined 3% from the $1.77 high recorded on Wednesday. Despite the minor price fall, WIF is poised to extend its rally.

As of this writing, the meme coin’s key momentum indicators are trending upwards above their respective 50-neutral lines. WIF’s Relative Strength Index (RSI) is 56.07, while its Money Flow Index (MFI) is 75.99. 

These indicators measure an asset’s overbought and oversold market conditions. At their current values, WIF’s RSI and MFI signal that buying pressure dominates the meme coin’s market. 

Further, WIF’s positive Elder-Ray Index confirms the bullish bias trailing the meme coin. At press time, the indicator’s value is 0.21, resting above the zero line. 

An asset’s Elder-Ray Index measures the buying and selling pressure in the market and helps traders identify potential entry and exit points for their trades. When its value is positive, it suggests that an asset’s buyers control the market and are pushing prices higher. Traders interpret this as a potential for a continued price uptrend. 

The setup of WIF’s Parabolic Stop and Reverse (SAR) indicator lends credence to the position above. As of this writing, the dots of this indicator rest below the meme coin’s price.

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The Parabolic SAR indicator identifies potential trend direction and price reversal points. When its dotted lines are placed below an asset’s price, the market is said to be in an uptrend. This indicates that the asset’s price has risen, and the rally may continue.

WIF Price Prediction: Road to $2?

If WIF maintains its current uptrend, its next price target is $1.99. The continued demand for WIF and bullish sentiment among its traders will cause its price to reclaim the $2 price level and trade above it.

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However, any reversal in the current trend might put downward pressure on WIF’s price. This may cause it to drop to $1.07, a low last recorded during the general market downturn on Monday.