Dogwifhat (WIF) Price Nosedives 8% as SOLX RIVAL Emerges From the Shadows

The Dogwifhat price plunged over 8% in the last 24 hours to trade at $2.56 as of 7:04 a.m. EST as investors dump their holdings in the meme coin

The Dogwifhat price plunged over 8% in the last 24 hours to trade at $2.56 as of 7:04 a.m. EST as investors dump their holdings in the meme coin on the market.

With the latest drop, the WIF price is now down more than 47% from the all-time high of $4.85 that it set 9 months ago.

Dogwifhat Price Resting On A Critical Support

4-hour chart for WIF/USD (Source: GeckoTerminal)

The Dogwifhat price is resting on the key support level at $2.5058 after getting rejected by the $2.8202 resistance level in the last 24 hours, according to GeckoTerminal data. If sellers manage to push the meme coin’s price below this technical safety net, it could stand the risk of plunging to the subsequent mark at $2.1914.

However, the Dogwifhat price closing the next 2 4-hour candles above $2.5058 could lead to a more bullish scenario playing out for the canine-themed token. Traders might enter into a long position for the crypto if bulls are able to defend the support, which could be followed by another challenge at the $2.8202 barrier before a potential climb to as high as $3.1347 in the short term.

Bulls might have a tough challenge ahead of them in the coming 24 hours, with Exponential Moving Averages (EMAs) and the Moving Average Convergence Divergence (MACD) on the 4-hour chart showing that momentum currently favors sellers.

Dogwifhat Price Momentum Growing More Bearish

In recent hours, the 9 EMA has started to break away below the 20 EMA. The current orientation of the two technical indicators suggests WIF is in a short-term bearish cycle, with the growing gap signalling strengthening seller momentum.

Meanwhile, a major technical flag was triggered by the MACD on the 4-hour chart after the MACD line crossed below the MACD Signal line throughout the past couple of hours. This specific technical event is usually seen as an indication that momentum has undergone a bearish shift.

If these technical warnings influence traders’ decision making in the coming 24 hours, the Dogwifhat price might soon fall below the $2.5058 support level.

With the Dogwifhat price seemingly at the mercy of sellers, investors and traders might shift focus to a new layer-2 Solana meme coin rival by the name of Solaxy (SOLX).

An analyst from the 99Bitcoins YouTube channel, which has over 718K subscribers, mentioned SOLX in a recent video entitled “BEST 3 Meme Coins to Buy Now Before 2025.”

Solana Network Under Pressure Due To Meme Coin Hype – Solaxy To The Rescue

This year has been all about meme coins, with the lightning-quick and affordable Solana network serving as a breeding ground for the lion’s share of the new tokens that have entered the market in 2024. However, Solana is now under severe pressure as developers rush to get their piece of the meme coin hype pie.

This is where Solaxy, with its native layer-2 chain, comes in. By linking to the Solana network, Solaxy’s blockchain will alleviate computational stress and help scale Solana to new heights. With the predicted meme coin super cycle in 2025 and Solana’s popularity among meme coin creators, Solana will need all of the help it can get.

Solaxy’s SOLX token also resides on both Ethereum and Solana, in addition to the Solaxy blockchain. This could lead to the project becoming the gateway that bridges Solana’s lightning speeds and low fees with Ethereum’s flourishing DeFi ecosystem to create the ultimate blockchain ecosystem.

SOLX’s Presale Goes Parabolic

Investors are flocking to SOLX’s ongoing presale, which has already raised over $2 million in just 4 days. Besides being the first Solana layer-2 chain, another factor that could be pulling investors in is the amazing 1,614% staking APY on offer to ICO buyers.

To get in on this lucrative opportunity, investors will first need to acquire SOLX using the simple buy widget embedded on the project’s website. Selling for $0.001566, SOLX can be bought with either BNB USDT, ETH or bank card. Once bought, investors will simply need to lock up their SOLX tokens through the staking page on the website to unlock the passive crypto rewards.

Buyers who want to lock in the best rate during the presale will want to act quickly, because SOLX’s price is set to increase with each subsequent stage of its ICO. There are less than 42 hours until the next price