A leading cryptocurrency market analyst has highlighted a major potential upswing for Solana‘s well-known meme token, dogwifhat (WIF). This token is reportedly preparing to eclipse a critical resistance level, which may set off a substantial price rally. The analyst, using the moniker The Flow Horse, has communicated to followers the significant price thresholds to watch.
Breakout Anticipation for WIF
The Flow Horse conveyed on social media that dogwifhat (WIF) is on the cusp of converting a pivotal resistance mark at $0.42 into support. Achieving this could potentially spark a significant uptrend. The expert’s analysis suggests that WIF’s current technical formation indicates a larger pattern that could lead to a breakout.
Optimism Takes the Lead Over Arbitrum
In a separate market insight, The Flow Horse pointed to the progress of Ethereum’s Layer-2 project Optimism (OP), expressing a preference for it over another competitor, Arbitrum (ARB). A comparison of OP’s performance against ARB hinted that Optimism might maintain its lead in the market. The analyst expressed optimism about OP’s long-term prospects compared to ARB’s immediate outlook.
Despite a slight decline in OP’s trading price, the analyst emphasized a potentially negative trend for ARB, citing impending token unlock events that typically signal bearish market sentiment due to an increase in available supply. The analyst suggested that investing in less than top-tier assets might not be advantageous, given the current market liquidity.
Reflecting the market’s response to the analysis, WIF exhibited a notable price surge of over 30% in the preceding 24 hours, trading at $0.62 at the time of the report.