However, despite WIF being one of the top holders, the market has not seen an influx of new holders.
According to the latest figures released by holderscan. com, only 2,322 new #WIF holders have entered the market in the last seven days, an increase of 1.29%. The total number of holders stands at 182,877, but the top 50 holders account for nearly 54.84% of supply.
The slow movement of WIF holders suggests that the futures market may be driving the current growth. According to Cointelegraph, open interest #rose 30% to $233 million at the start of the week as WIF broke the $2 mark.
Can the new euphoria around WIF push prices toward $3? The price rise in the first quarter was highlighted by WIF's 8,000% return on investment in less than three months, which drove up the prices of other memecoins such as POPCAT, BRETT and MEW.
Analogous sentiment is emerging now, as some analysts are bullish: Henrik Seberg, chief macroeconomist at Swissblock, noted that WIF is now "coming out of a prolonged ABCDE consolidation" and that it offers a parabolic price target by November 11, 2024. The chart below shows a range of $80 over the next six weeks, which is 3526% of the current price.
Another independent trader, Dentoshi, calls a short-term price target for WIF at the $3 resistance level.
In his post X, this trader explains that WIF has completed a deep pullback from the 0.618-0.707 Fibonacci retracement line. The golden zone (reversal range) is between 0.5 and 0.618, and Dentoshi calls this area the "golden pocket.
Trader emphasizes that a break above the "golden pocket" would indicate a trend reversal, as the previous top at $4.83 was not a trend high; after crossing $2, Dentoshi says, "I'm not sure if the trend is reversing or not:
Hey, hey, send it to $3 (and above).
Meanwhile, there is some bullish confirmation on the WIF daily chart. Price broke above the falling wedge pattern and closed above the key resistance level of $ 1.95.
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