Dogwifhat Price Plunges 9% As SOLX ICO Goes Parabolic

The Dogwifhat price plunged over 9% in the last 24 hours to trade at $1.69 as of 10 p.m. EST as investors adjust their portfolios to pare holdings of the canine-themed meme coin.

With the latest drop in the WIF price, the crypto’s weekly performance has been pushed deeper into the red zone. As a result, the Dogwifhat price is down more than 11% on the 7-day time frame.

Dogwifhat Price Consolidates After A Negative Trend

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

The Dogwifhat price has entered into a consolidation phase between $1.6462 and $1.7534 in the last few hours. This comes after the meme coin has been in a negative trend over the past couple of days. Should the crypto drop below the $1.6462 support level in the coming 6 hours, WIF might fall to the next technical crutch at $1.5055.

The bearish thesis might be invalidated if traders identify the meme coin’s current price as a buy opportunity. In this alternative scenario, the Dogwifhat price could end up testing the immediate resistance at $1.7534. A break above this barrier might then give the altcoin a platform to rise off from and potentially rise to as high as $1.9276 in the short term.

Dogwifhat Price Might Start To Rise Soon

From a technical standpoint, indicators on WIF’s 1-hour chart suggest the meme coin may start to rise soon as early bullish signs start to emerge. Exponential Moving Averages (EMAs) and the Moving Average Convergence Divergence (MACD) point to a possible rise for the Dogwifhat price.

In recent hours, the shorter 9 EMA has started to gradually rise towards the longer 20 EMA. Although the 9 EMA is currently acting as a dynamic resistance for the Dogwifhat price, the narrowing gap between the 9-period and 20-period EMA suggests momentum is slowly starting to turn bullish for the meme coin.

Meanwhile, a major bullish technical flag is on the verge of being triggered by the MACD, with the MACD line attempting to cross above the MACD Signal line. Should the former rise above the latter in coming hours, traders might see it as a sign that WIF has entered a short-term bullish cycle. 

While the Dogwifhat price tries to enter a bullish trend, investors continue to pile into a new Solana layer-2 meme coin called Solaxy (SOLX).

Several experts have stepped forward to share their bullish predictions for SOLX. Among them is an analyst from the 99Bitcoins YouTube channel, which boasts more than 719K subscribers. In a recent video, the analyst said that Solaxy has the potential to soar 100X after its launch.

The First Scaling Solution For The Solana Blockchain

Solana gained a substantial amount of traction in the market in recent months due to its low fees and high speeds, making it an attractive chain for meme coin developers looking to capitalize on the recent hype around these light-hearted tokens.

However, Solana has become a victim of its own success with the tsunami of new tokens placing a computational strain on the network. If something does not change soon, Solana could experience another outage. This risk of downtime is heightened by the meme coin supercycle expected to ensue in coming months.

Enter Solaxy, a layer-2 scaling solution designed to help Solana process more transactions while simultaneously lowering network fees. Through its native side chain, the project will alleviate some of the computational stress being placed on the Solana network by the flurry of new meme coins entering the crypto space on a daily basis.

Additionally, Solaxy will also connect Solana to the Ethereum network to create a new and improved Web3 ecosystem that leverages Ethereum’s robust security infrastructure and growing DeFi space with Solana’s low fees and high speeds.

Solaxy Raises Over $9.3 Million In Presale

Investors are rushing to buy SOLX during its ongoing presale phase, which has seen the project raise more than $9.3 million so far. This buying frenzy is being driven by  bullish predictions by crypto experts, the project’s mission to scale Solana, and the attractive 376% APY being offered to presale buyers who stake their tokens.

To get in on the high staking rewards, investors will first need to purchase SOLX through the simple buy widget embedded on the project’s website. Selling for $0.001594, SOLX can be bought with either crypto or bank card.

Buy before a price hike in about 5 hours to lock in the best deal.

Visit SOLX here.

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