Meme coins have been sliding in recent weeks. The total market cap for all meme coins is around $42 billion, down from over $65 billion in Q2 204. Dogecoin remains the most valuable meme coin, followed by Shiba Inu.
Among meme coins, DogWifHat (WIF) has been struggling despite Bitcoin's recovery, which could positively affect top altcoins like Solana and meme coins. WIF, a top meme coin on Solana, has a market cap of over $1.5 billion but is down 68% from its recent all-time highs.
One analyst is particularly bearish on WIF, indicating that its current chart pattern suggests continued weakness. Although WIF is up over 98,000% from lows in December 2023, it has fallen significantly from its peaks.
The token's price moved up initially riding on Solana's expansion and the broader meme coin trend earlier this year. However, current bearish trends suggest a cautious approach for traders.
WIF’s immediate resistance is at $1.99, with support at $1.30. For a sustained uptrend, the token must break above $2 with increased trading volume. This could potentially set the momentum for a rise to as much as $3.
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