- WIF and BONK are up about 6% in the last 24 hours.
- The market capitalization of meme coins fell by almost 6% following sustained declines in DOGE, SHIB, and PEPE.
- WIF could rise to $2,939 if it clears resistance near $2,643.
Meme coins Solana Dogwifhat (WIF) and BONK were among the top gainers in the top 100 cryptocurrencies category on Monday after they defied the market’s decline over the past 24 hours.
WIF Could Continue Impressive Growth Despite Wider Crypto Market Slump
The meme coin category has lost 5.8% of its market capitalization in the last 24 hours, following a 7%, 9%, and 4% decline in leading meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE, respectively.
While the meme category often fails when the top three take losses, WIF and BONK have defied the market decline, rising about 6% in the last 24 hours.
Notably, WIF has been in an uptrend since the Federal Reserve (Fed) cut rates by 50 basis points last Wednesday. According to Coingekco, the price of WIF increased by more than 65% during this period, outperforming almost all other tokens in the eight largest meme coin categories.
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WIF could rise to $2,939 if it breaks above key resistance.
The rally also saw WIF break out of a downtrend, which is visualized by a key trend line coming from May 29 and changing the 50-day, 100-day and 200-day simple moving averages (SMA). As a result, Solana’s top meme coin is showing increased bullish momentum.
On the 4-hour chart, WIF is trading within key rectangular channels and is aiming to clear resistance at $2,643. A successful move above this level could send WIF towards another key resistance level at $2,939. If the uptrend continues, WIF could break above this level and move towards resistance at $3.472.
4-hour WIF/USDT chart
On the other hand, SMAs can provide support and prevent a sharp decline.
The relative strength index (RSI) and stochastic oscillator momentum indicators are above their neutral levels and approaching oversold territory, indicating prevailing bullish pressure.
Rising open interest (OI) in WIF futures is supporting price gains.
Open interest is the total number of outstanding positions in the derivatives market. An increase in open interest during rising prices indicates that traders expect the trend to continue.
On Monday, WIF OI neared a four-month high of $439.43 million, the highest level since June 7.
Open interest in WIF futures
A candle close below $2.038 will invalidate the bullish thesis.
