Dogwifhat (WIF) Open Interest Soars to $572M as Bulls Eye $1.679 Breakout

WIF (WIF), the Solana-based meme token, dipped 1% on Monday after a 12% gain on Sunday. Despite the pullback...

Written by: Arslan Butt • Monday, July 21, 2025 • 1 min read

• Last updated: Monday, July 21, 2025

Quick overview

WIF, the Solana-based meme token, experienced a 1% dip on Monday after a significant 12% gain on Sunday, but remains bullish above the $1 level.
Market participants are eyeing the $1.212 level as a key resistance point, which could lead to the highest daily close since January 26 if surpassed.
Open Interest for WIF surged to an all-time high of $572.11 million, indicating increased bullish sentiment among traders.
Technical indicators suggest a strong short-term trend, with potential for a breakout to $1.679 if momentum continues.

WIF (WIF), the Solana-based meme token, dipped 1% on Monday after a 12% gain on Sunday. Despite the pullback, WIF is still bullish, having reclaimed the $1 level and broken above the 200-day Exponential Moving Average (EMA) at $1.066. Now, market participants are looking at the $1.212 level, which is the 50% Fibonacci retracement from the all-time high of $4.830 to the April low of $0.304.

If WIF closes above $1.212, that would be the highest daily close since January 26. Based on Fibonacci, the next resistance is at $1.679—the 61.8% retracement.

Open Interest Hits All Time High

Coinglass data shows Dogwifhat’s Open Interest (OI) surged to $572.11 million on Monday from $482.89 million on Sunday. That’s a $89 million increase in 24 hours.

A spike in OI like this usually means a rise in bullish sentiment, especially when backed by a positive funding rate. The OI-weighted funding rate for WIF is 0.0182%, which means traders are willing to pay premiums to hold longs—a sign of buying dominance.

Key Technical Indicators:

50-day EMA above 100-day EMA: Strong short-term trend
MACD above zero line: Bullish momentum
RSI 66: Approaching overbought, demand is growing

WIF Price Chart - Source: Tradingview — WIF Price Chart – Source: Tradingview

Golden Cross and Pullback Levels

If the 50-day EMA extends its lead over the 200-day EMA, that would be a Golden Cross—a bullish signal. That would attract new buyers, including sidelined investors waiting for a confirmation.

The MACD and green histogram are bullish, and the RSI is approaching overbought. But if bulls can’t clear $1.212, a pullback to the 200-day EMA at $1.066 is possible.

In summary, WIF has near term resistance, but its setup and investor interest suggests a breakout to $1.679 if momentum holds.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.