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The Dogwifhat price pumped over 5% in the last 24 hours to trade at $1.27 as of 10:45 p.m. EST as investors start to increase their exposure to the Solana meme coin.

Despite the recent gain, the WIF price still has some work to do to erase its losses over the last 7 days. On the longer-term time frames, the crypto’s price is still down more than 13% over the past 7 days, while its monthly performance stands at over 32% in the red.

Dogwifhat Price Loses A Support Level

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

The Dogwifhat price dropped below the support level at $1.2451 in the last few hours, according to GeckoTerminal data. If the meme coin fails to close a 4-hour candle back above this mark within the next 8 hours, it could stand the risk of plunging down to the subsequent support at $0.8065.

On the other hand, the Dogwifhat price recovering back above $1.2451 could lead to a more bullish scenario playing out, in which traders start to enter into long positions for the meme coin. This potential buy pressure could then push WIF up to the next major resistance at $1.7045. Continued pressure from bulls might result in the Dogwifhat price rising to as high as $2.1221.

Technicals Suggest The Dogwifhat Price Could Go Either Way

From a technical standpoint, indicators on WIF’s 4-hour chart are sending mixed signals. Exponential Moving Averages (EMAs) suggest momentum is bearish while the Moving Average Convergence Divergence (MACD) indicator shows that the Dogwifhat price is on the verge of entering a bullish trend.

The 9 EMA is currently positioned below the longer 20 EMA. Traders usually see this orientation of the long and short EMA as an indication that momentum for an asset favors sellers. These technical indicators are also positioned parallel to each other, with the gap between them remaining constant.

The margin between the 2 EMAs needs to shrink in order to indicate that momentum is shifting in favor of bulls. This will probably only happen when the Dogwifhat price breaks above these technical indicators, which have acted as dynamic resistance levels for the meme coin and pushed its price down over the last couple of days.

Meanwhile, a major bullish technical flag is on the verge of being triggered by the MACD. In recent hours, the MACD line has risen towards the MACD Signal line. Now, the two lines are about to cross, which could indicate that the Dogwifhat price has entered a bullish cycle.

Given the mixed signals shown by the MACD and EMAs on the 4-hour chart, the Dogwifhat price could go either way in the coming few hours.

While traders wait to see what the Dogwifhat price will do next, the presale for Solana layer-2 project Solaxy (SOLX) is closing on $16 million. 99Bitcoins, a popular crypto channel on YouTube, says SOLX has the potential to soar 100X after its launch.

Helping Solana Scale To Cope With The Meme Coin Hype

Meme coins have been amongst the best performing categories of cryptos in the last few months, with the hype around these lighthearted tokens soaring to new heights. Opportunistic developers looking to profit from this hype continue to launch tokens on a daily basis, and have chosen Solana to host their cryptos due to its speed and low costs.

However, Solana’s infrastructure has now come under pressure as investors and developers keep the meme coin hype going. With talks of a 2025 meme coin supercycle, Solana will need all the help it can get and soon.

This is where Solaxy, the first layer-2 scaling solution for Solana, comes in. With its native sidechain, the project will run in parallel to Solana and provide the mainnet with additional computational resources. Additionally, the project will alleviate some of the stress placed on the Solana network by taking over some of the transaction processing workload.

By freeing up space on the Solana network, Solaxy will ensure that fees and congestion levels on the network remain low.

After scaling Solana, Solaxy will execute on its broader mission to bridge the Solana and Ethereum networks. This will essentially create a new ecosystem that combines both blockchains’ strengths and is capable of meeting the growing demands of meme coin and decentralized application developers.