The Solana-based meme coin dogwifhat (WIF) has experienced a significant downturn, losing 33% of its value over the past week. On-chain and technical indicators suggest that the decline may continue in the short term. The token's On-Balance-Volume (OBV) has dropped significantly, indicating that selling pressure outweighs buying pressure. The decline in open interest further supports the bearish outlook, as traders are closing their positions rather than opening new ones. The readings from the Awesome Oscillator also confirm the weakening demand for WIF. If the downtrend continues, the price could drop to $0.55, but a resurgence in demand could drive it past resistance levels.



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