bullish

Solana

April

Higher

Divergence

<p>Solana memecoin Dogwifhat (WIF) 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 $33.35 million. These purchases have raised hopes of a price recovery even during a market consolidation.</p> 
<h2 class="wp-block-heading" id="h-whale-accumulations-boost-market-optimism"><strong>Whale Accumulations Boost Market Optimism</strong></h2> 
<p>On-chain metrics highlighted two addresses that recently loaded a large number of&nbsp;<a href="https://www.thecoinrepublic.com/2024/09/09/solana-meme-coin-holders-with-wif-bonk-give-up-they-turn-to-rcof-for-1640-returns/">WIF tokens</a>&nbsp;from Binance and Bybit exchanges. This whale activity has positively influenced the market sentiment since traders and investors expect further price appreciation.</p> 
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   <p lang="en" dir="ltr">2 whales have accumulated 20.58M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>($33.35M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> and <a href="https://twitter.com/hashtag/Bybit?src=hash&amp;ref_src=twsrc%5Etfw">#Bybit</a> in the past 2 weeks!<a href="https://t.co/4bnfADQpqG">https://t.co/4bnfADQpqG</a><a href="https://t.co/FOWIMI1S0P">https://t.co/FOWIMI1S0P</a> <a href="https://t.co/tOUIDlDEXY">pic.twitter.com/tOUIDlDEXY</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1833701864443105330?ref_src=twsrc%5Etfw">September 11, 2024</a>
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<p>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.</p> 
<p>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.</p> 
<h2 class="wp-block-heading" id="h-dogwifhat-wif-technical-analysis-signals-a-potential-breakout"><strong>Dogwifhat (WIF) Technical Analysis Signals a Potential Breakout</strong></h2> 
<p>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.</p> 
<p>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.</p> 
<p>On the 4-hour chart, WIF has emerged from the triangle and has surpassed the 200-day exponential moving average. This breakout has provided more upward pressure, with analysts focusing on the Fibonacci levels of $2.04 and $2.52. Should this trend continue, WIF may easily break through its key resistance levels. Higher resistance is anticipated at $175, a level that if violated would enable the continuation of the bullish trend of WIF. </p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a><br><br>There is literally no chart pattern/constellation that's more bullish than this WIF chart right now. My opinion.<a href="https://t.co/lhAHV0PlTX">https://t.co/lhAHV0PlTX</a> <a href="https://t.co/jt6VVpaYG9">https://t.co/jt6VVpaYG9</a> <a href="https://t.co/8viUfnBnBT">pic.twitter.com/8viUfnBnBT</a></p>— Muro (@MuroCrypto) <a href="https://twitter.com/MuroCrypto/status/1833477861195292816?ref_src=twsrc%5Etfw">September 10, 2024</a>
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<p>However, if the price cannot sustain the price above the $1.55 support level. It may open the way for further declines with the next key support at $1.50. A move below $1.50 could pave the way for further selling, with a target in the $1.40 or even the $1.30 region.</p> 
<h2 class="wp-block-heading" id="h-dogwifhat-wif-price-trend"><strong>Dogwifhat (WIF) Price Trend</strong></h2> 
<p>At the time of writing, WIF is bearish with prices dropping to $1.55. This is an 8.15% plunge within the last 24 hours. A major decline in trading volume is evident as it stands at 3875% lower which could be attributed to selling pressure or lack of buyer interest at these prices. The initial support for WIF is seen at around $1.55 with the price likely to face resistance at $1.65 if it bounces back.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="306" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-9-2-1024x306.png" alt="WIF Derivatives Data | Source:&nbsp;Coinglass" class="wp-image-711042" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-9-2-1024x306.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-9-2-300x90.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-9-2-768x229.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-9-2-150x45.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-9-2-696x208.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-9-2-1068x319.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-9-2.png 1125w" sizes="(max-width: 1024px) 100vw, 1024px">
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  WIF Derivatives Data | Source:&nbsp;Coinglass
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<p>In the derivatives market,&nbsp;<a href="https://www.thecoinrepublic.com/2024/09/05/wif-price-rides-the-meme-coin-market-upswing-with-a-12-rise/">WIF</a>&nbsp;has experienced a trading volume decline of 30.08%, falling to $853.26 million. This decline can be attributed to the fact that the traders might have become less aggressive in taking new positions owing to the prevailing market conditions. </p> 
<p>Furthermore, WIF’s open interest has gone down by 9.06% to $211.91 million, which may be construed as bearish, as traders may be liquidating their positions instead of opening new ones.</p> 
<p>However, there are some traders who are optimistic that the current price fluctuations and other technical aspects of WIF suggest a possible rebound. The ongoing whale accumulation could be the key driver for price rise, only if the buying interest comes back and volume rises again.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/09/11/dogwifhat-wif-set-for-rally-whales-amass-33-35m-whats-next/">Dogwifhat (WIF) Set For Rally? Whales Amass $33.35M, What’s Next?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Dogwifhat (WIF) Set For Rally? Whales Amass $33.35M, What’s Next?

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