⭐️ Dogwifhat (WIF) Set For Rally? Whales Amass $33.35M, What’s Next?
Solana memecoin Dogwifhat is gaining attention following significant whale accumulations. In the last two weeks, two whale addresses have bought a total of 20.58 million WIF tokens. They are valued at $33.35 million. These purchases have raised hopes of a price recovery even during a market consolidation.
🔸 Whale Accumulations Boost Market Optimism
On-chain metrics highlighted two addresses that recently loaded a large number of WIF tokens from Binance and Bybit exchanges. This whale activity has positively influenced the market sentiment since traders and investors expect further price appreciation.
💬 2 whales have accumulated 20.58M WIF($33.35M) from #Binance and Bybit in the past 2 weeks! — Lookonchain
September is known to have a poor market performance. Those whales may be looking to take advantage of ‘buy the dip’ and increase WIF value in the upcoming months.
Despite the volatile performance of the overall cryptocurrency market, experts believe that there will be a positive movement in Q4. Whale activity and the possibility of the Federal Reserve easing could therefore support a positive market environment. Consequently, WIF traders are continuing to become more confident that the token’s price will rise soon.
🔸 Dogwifhat (#WIF ) Technical Analysis Signals a Potential Breakout
The WIF price chart shows a potential breakout from the long-term falling wedge formation. Since April 2024, the meme coin has been on a downward trend. It reached a high of $4.8571 before falling to $1.07. However, the recent price action has indicated the start of a double-bottom reversal pattern. It may lead to a price increase.
The technical indicators including Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are also displaying positive signs for upward movement, which supports the chances of a price breakout. Analysts have predicted that if WIF can maintain its current trend, it could easily break through the $2 and continue rising.
