Solana Memecoin Dogwifhat (WIF) Faces Resistance Amid 13% Rally

The Solana memecoin dogwifhat (WIF) has been on a tear, recording daily gains of 13.14% over the last 24 hours as capital rotated into the sector.

Its trading volume jumped by 95.16% to $105.8 million during this period, suggesting that traders are developing an appetite for higher-risk ecosystem tokens.

However, the rally may not be sustainable, with WIF's rebound meeting resistance at the $0.2157 region, a barrier that has capped previous recovery attempts.

The Relative Strength Index (RSI) indicator formed a bearish convergence around the 62.85-zone as the price met rejection, which could strengthen the possibility of a price correction.