Dogwifhat (WIF), Solana's mascot, surged 14% over the past week to $1.74, outpacing DOGE. Although it’s down from its March ATH of $4.60, analysts speculate WIF could follow DOGE’s 2021 rally. If WIF holds support at $1.70, it could retest its mid-July levels, potentially breaking out during October, a historically bullish month for Bitcoin.

WIF saw a spike in net outflows, reaching $26 million as it bottomed at $1.664, suggesting accumulation. With speculative trading declining since August, control may shift to the spot market, increasing the chances of a reversal if holder interest remains strong.

Spot traders have a key role in driving WIF higher, as shorts dominate the market. If spot accumulation continues, liquidations could push WIF toward $1.90, with the next resistance near $2, positioning the token for a potential breakout.