In the past 24 hours, meme coins Dogecoin, Shiba Inu, and PEPE experienced declines in their market capitalization, resulting in an overall 5.8% loss for the meme coin category. However, Solana meme coins WIF and BONK defied this market downturn and saw a 6% increase in the same time period. WIF has been performing particularly well since the Federal Reserve reduced rates, with a 65% increase over the past week. WIF broke out of a downtrend and is currently trading within key rectangle channels, with potential resistance levels at $2.643, $2.939, and $3.472. The support of SMAs, as well as bullish momentum indicators and rising futures open interest, suggests further price growth. The futures open interest for WIF reached a four-month high of $439.43 million on Monday. However, a candlestick close below $2.038 would invalidate the bullish thesis.



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