Could it finally be time for sidelined investors to buy Dogwifhat?

The popular Solana meme coin has been showing unmistakable signs of strength. Since its local bottom earlier this month, the WIF price has appreciated by more than 50%

The popular Solana meme coin, Dogwifhat (WIF), has been showing unmistakable signs of strength.

Since its local bottom earlier this month, the meme coin has appreciated by more than 50% in a little over a week. However, the broader market uncertainty has led to a pullback, with the meme coin currently at key support levels.

While Dogwifhat price predictions from prominent analysts are indicating the possibility of 10x returns this year, sidelined investors need to remain cautious about buying at the wrong time.

Dogwifhat Price Prediction — How High Can WIF Rally?

As previously claimed, Dogwifhat has shown unmistakable signs of strength.

For instance, while WIF’s price formed lower lows between March 9th and April 9th, both the On-Balance Volume (OBV) and the 14-day Relative Strength Index (RSI) carved out a flat base, signalling potential bullish divergence and hinting at a possible bottom.

Whales appear to be circling WIF once again. On-chain analytics platform Stalkchain flagged a notable Fartcoin whale who scooped up $377,000 worth of Dogwifhat on April 14th. In fact, WIF emerged as the most accumulated meme coin over the 24-hour period, signalling renewed interest from deep-pocketed investors.

Unsurprisingly, Dogwifhat price predictions from prominent analysts have turned bullish.

Team Lambo Charts, a popular technical analyst on X, has suggested the possibility of a rally to $1.40, a key level for the meme coin. This would mean over 3x returns for new investors.

🚨 HUGE DOGWIFHAT PRICE PREDICTION 🚨

Expecting a move to $1.40 on $WIF.

This is a 3x return for those who missed out on the recent pump.

Don't miss out on this opportunity to invest in one of the hottest meme coins on the market today! 🔥🔥🔥pic.twitter.com/wV04zG8z4v

— Team Lambo Charts (TLCC) / ESOTERICO.ETH (@Team_Lambo) April 14, 2024

Another popular trader, Man of Bitcoin, is even more bullish in the long term, expecting a new all-time high of $7.50, which would mean nearly 19x gains for buyers at the current price.

Expecting $WIF to hit a new all-time high of $7.50.

Those who buy $WIF at the current price can expect to earn up to 18x returns if $WIF reaches its previous all-time high of $4.85.

If $WIF tags $1.40, expect a 3x return.

If $WIF flips $0.42, expect a pivot to $0.60, setting the stage for a rally to $1.40.

If $WIF cancels out the divergence and closes above $0.48, then expect a continuation of the uptrend. Otherwise, anticipate a return to the lower support level.

As always, manage your own risk.

— Man of Bitcoin (@ManofBitcoin) April 14, 2024

Even if Dogwifhat just tags its previous all-time high of $4.85, new investors will bag more than 12x returns. However, sidelined investors need to exercise caution while buying the meme coin.

Is It The Right Time To Buy WIF?

Despite the recent 50% rally, it may not be time to buy Dogwifhat just yet.

The meme coin failed to flip its multi-week descending trendline in the daily timeframe. Instead, it formed a bearish divergence — a lower high in price with a higher high in RSI.

Prominent analysts are also exercising caution. For instance, Crypto Tony has highlighted $0.42 as the key level WIF needs to flip for him to buy and hold the meme coin.

I’ll be buying & holding $WIF if we can close above $0.42.

Thoughts? 🤔 pic.twitter.com/Z9tY2Z80y8

— Crypto Tony (@CryptoTony__) April 14, 2024

However, sidelined investors should ideally wait for a daily close above the $0.48 price point before jumping in.

In the meantime, other Solana meme coins like Fartcoin, Popcat and Solaxy have emerged as superior investments.

Could Solaxy Be The Next Crypto?

Much like Fartcoin and Dogwifhat, the first prominent Solana Layer-2 coin, Solaxy (SOLX), has caught the attention of smart money