The market seems to be immersed in a peaceful state now. Mainstream meme coins such as DOGE, SHIB and PEPE have only recorded a slight increase of 0.5%, 1.2% and 1.35% in the past 24 hours. In this calm, a new star on the Solana blockchain, WIF, stood out with an astonishing 8% increase and became the focus of the market.
What was it about WIF that ignited this fire?
WIF's strong performance has undoubtedly sent a shock wave to the calm market. So, what exactly is driving this unexpected rise? Can this momentum continue and lead WIF to new heights?
The price of WIF has steadily climbed to about $1.81 and hit a high of $1.94 in the past 24 hours. Although trading volume has declined by 20%, showing the cautious attitude of market participants, WIF's open interest has risen against the trend, according to CoinGlass data, with an increase of more than 7%, indicating the market's optimistic expectations for its future trend.
From a technical perspective, WIF is showing exciting potential. It has successfully broken out of the bullish "inverted head and shoulders" pattern on the 4-hour chart, which is a strong signal that the market is about to enter an upward trend. Subsequently, WIF has firmly retested this breakout point, further consolidating its foundation for the rise. If market sentiment continues to improve, WIF is expected to achieve a 25% increase in the short term and hit a new high of $2.20. However, this journey is not smooth. WIF needs to stick to the key support level of $1.65 and be wary of possible resistance near the 200-day EMA.
Currently, the two key liquidation levels of WIF are at $1.758 and $1.95. If market sentiment remains stable and WIF successfully breaks through $1.95, nearly $12.62 million of short positions will face liquidation, which will undoubtedly further push up the price of WIF. On the contrary, if the price falls below $1.758, it may trigger the liquidation of nearly $3.37 million of long positions, bringing certain uncertainty to the market.
WIF is attracting the market's attention with its unique charm. Whether from the positive technical signals or the subtle changes in market sentiment, WIF has shown great potential.
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