Amid bullish market sentiment, where top cryptocurrencies are experiencing upside momentum, an on-chain analytics firm, Lookonchain, made a post on X (formerly Twitter) that gathered massive attention from crypto enthusiasts. According to a Lookonchain post, two whales recently purchased a massive 701,688 WIF tokens worth $2.04 million.

Whales purchase $2.04 million WIF tokens

The first whale, with the address 37reKQ, spent 1.31 million USDC and bought 453k WIF tokens at an average price of $2.89 two hours ago. Following this massive investment, the WIF price soared, and the whale is currently experiencing a decent profit of over $161k.

Another whale, with the wallet address 8rWUUy, spent 4,036 SOL worth $730k and added 247k WIF tokens at an average price of $2.95 five hours ago. With this massive WIF purchase, the whale’s wallet now holds 1.4 million WIF tokens worth $4.5 million.

This massive WIF token purchase highlights the interest and confidence of whales, investors, and traders in this rapidly growing meme token. Following this significant investment in WIF, the token price surged dramatically.

WIF token price-performance analysis 

Currently, WIF is trading near $3.08, and in the last 24 hours, it experienced nearly a 12% upside move. However, intraday WIF reached a high of $3.24 and a low of $2.75. Looking at the performance of the WIF token over a longer period, in the last seven days, the WIF token price experienced nearly a 5% upside move. Over the last 30 days, WIF experienced a price surge of over 8%.

According to expert technical analysis, the WIF token is looking bullish and is now heading toward the $3.5 level. However, the $3.5 level is a strong resistance level that WIF may encounter in the coming days. If the WIF token closes above the $3.5 level, we may see a price surge of 30%, and WIF could hit the $4.8 level in the coming days.