Solana's meme coin Dogwifhat (WIF) experienced a significant 34% surge in its price during Wednesday's intraday trading session fueled by rumors of a potential promotional campaign on the Vegas Sphere. Despite the initial excitement, the rally proved to be short-lived as WIF's value started to retreat, wiping out a substantial portion of the earlier gains.

The anticipation of a promotion on the Vegas Sphere, hinted at by the Dogwifhat development team in a recent post, quickly sparked a surge in demand for the Solana-based meme coin. However, the price spike was temporary, with WIF currently trading at $1.19, down 13% from its peak of $1.37 yesterday.

Market data from Coinglass indicates a decline in WIF's open interest by 19% to $372 million over the past 24 hours, reflecting dwindling demand and a potential decrease in market participation. The bearish sentiment is further supported by WIF's position below the Super Trend indicator's red line, suggesting a prevailing selling pressure and a downtrend.

Traders looking at potential scenarios predict that if the current trend of selling pressure persists, WIF's price could drop below $1 to reach $0.97, marking an 18% decrease from its current value. However, a resurgence in buying activity could potentially lift WIF above the dynamic support resistance of the Super Trend indicator at $1.62, opening the doors for a price target of $1.83 should the bulls regain control.