WIF could extend its rally by over 40%

dogwifhat (WIF) is an outlier in the crypto market on Thursday after posting 11% gains despite a general market correction that has sent several meme coins in the red.

WIF marches on despite market decline

Solana-based meme coin WIF became one of the top performers in the top 100 cryptocurrencies after rising by 11% in the past 24 hours. WIF's rise comes despite Solana (SOL) lagging behind the entire crypto market.

Beyond its move in the past 24 hours, WIF bulls seem to be in full swing buying pressure. It's also the highest performer on the weekly timeframe, rising more than 60% in the past seven days.

Top performing crypto daily

Notably, WIF is the only token in the green zone among top meme coins with a market cap above $1 billion. Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, BONK, FLOKI, and BRETT are all in the red, like much of the large crypto market.

After riding the meme coin frenzy from March into April, WIF suffered a heavy hit that sent it into a month-long consolidation. While other meme coins like PEPE and BONK soared, WIF remained relatively static, with several crypto community members speculating that it had topped in this cycle.

Sentiment surrounding WIF became worse after the German government's Bitcoin sale triggered a further market correction, which saw its price reach a four-month low of $1.478.

Following the market recovery on Monday, WIF bulls appeared to have returned and showed no signs of slowing down.

This is evidenced in WIF's weighted sentiment, which has been trending up since Sunday, according to data from Santiment.

The Santiment Weighted Sentiment indicator helps capture a balanced overview of an asset's social volume combined with investors' sentiments. The indicator spikes when there's increased social volume around an asset, and the messages are largely positive. It dips when the volume is still high, but the sentiment is negative. If the social volume is high but the sentiment is mixed, it stays around 0. If the volume is low, it also stays around 0.

WIF's weighted sentiment is at 0.6, indicating positive sentiment from crypto community members.

Santiment's social context also shows that words like rallies and high have been largely mentioned concerning WIF. While this indicates potential for more upsides, corrections sometimes follow a token when the crowd is overly excited.

WIF broke into a key upper range after moving out of a potential accumulation zone that extended from $1.478 to $2.242. if WIF sustains this move, it could rise by 44% to around $3.472.

WIF/USDT 8-hour chart

On the downside, if a correction ensues, WIF could resume another consolidation round between $1.478 and $2.242.