The largest WIF holder purchased a significant 894,854 WIF tokens worth $2 million. Will this trigger a rally?
- WIF could soar by 20% to reach the $2.9 level if it closes a daily candle above the $2.37 level. WIF’s Futures Open Interest skyrocketed by 14.5% and continued to rise, indicating a bullish market sentiment.
The popular Solana-based meme coin dogwifhat[WIF] has recently captured everyone’s attention with an impressive performance, surging over 45%.
Now, it seems whales’ interest in the meme coin has skyrocketed.
WIF whale’s $2 million investment
On the 26th of September, the on-chain analytic firm Lookonchain made a post on X (formerly Twitter) that the largest WIF holder purchased a significant 894,854 WIF tokens worth $2 million.
Lookonchain also noted that, in addition to the recent purchase, this whale had previously acquired over 2.55 million WIF tokens worth $4.5 million on the 20th of September.
With all these substantial WIF acquisitions, this whale now holds a significant 32.1 million WIF tokens worth $71 million, with an unrealized profit of over $86 million.
Additionally, the recent acquisitions by WIF’s largest holder come near a strong resistance level of $2.35, indicating the potential for the meme coin to rally in the coming days.
WIF technical analysis and key levels
According to AMBCrypto’s technical analysis, WIF appears bullish and is currently struggling to break a crucial resistance level of $2.35.
With recent acquisitions and positive market sentiment, there is a high likelihood that WIF could breach this level.
Source: TradingView
Based on the historical price momentum, if WIF breaches this level and closes a daily candle above the $2.37 level, there is a strong possibility that WIF could soar by another 20% to reach the $2.9 level.
Currently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
WIF’s bullish on-chain metrics
In addition to technical analysis, WIF’s positive outlook is further supported by on-chain metrics. Coinglass’ WIF Long/Short ratio currently stands at 1.067, the highest since late August 2024, indicating strong bullish sentiment among traders.
Source: Coinglass
Furthermore, its Futures Open Interest has skyrocketed by 14.5% and continues to rise steadily. This rising Open Interest during an uptrend suggests that traders may be building long positions.
At press time, WIF is trading near $2.33 and has experienced a price surge of over 8.9% in the past 24 hours.
During the same period, its trading volume jumped by 17%, indicating higher participation from traders as the token is on the verge of a mega breakout.
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