The largest holder of the Dogwifhat (WIF) meme coin has once again increased their position, signaling possible bullish momentum. According to Lookonchain, this whale borrowed 2 million USDC from Kamino to purchase an additional 894,854 WIF at $2.24 per token.
Moreover, this move brings their total holdings to 32.1 million WIF, valued at approximately $71 million. The whale has accumulated over $86 million in profits from WIF, raising speculation about the coin’s future performance.
Meanwhile, crypto analyst Rekt Capital shared insights into WIF’s recent breakout, suggesting that the token could be on the verge of a significant uptrend.
What you'll learn 👉
Expert Predicts Macro Uptrend for WIF
In addition to the whale’s move, crypto analyst Rekt Capital posted a tweet analyzing WIF’s recent price action. According to the analyst, WIF has started to break out of a multi-month downtrend, signaling the beginning of a potential macro uptrend.
WIF is currently surpassing the upper trendline of a descending wedge pattern according to the chart provided by Rekt Capital. This breakout points to a likely turn from the bearish trend, therefore opening the path for more uptrend.
The token’s price has already increased 11.14% in the past day and 27.74% over the past week, thereby indicating WIF is acquiring momentum.
Volume and Price Trends Align with Breakout
Rekt Capital’s analysis points to increased trading volume as another indicator of WIF’s breakout. The recent candlestick patterns show a strong push above the key resistance level, indicating that market sentiment may be shifting from bearish to bullish.
If this trend continues, WIF could reach the next resistance level at $3.2276, with $4.5826 as a potential longer-term target.
The rising volume combined with the whale’s substantial accumulation supports the notion that WIF could continue its upward trend. Monitoring the coin’s price action as it moves through critical resistance zones will be crucial.
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Market Performance and Future Outlook
Per Coingecko data at press time, WIF trades at $2.21, with a daily trading volume of over $900 million. The token has shown strong price increases in both short-term and weekly performance, raising expectations for further gains.
While WIF’s price action remains volatile, the recent whale purchase and technical analysis suggest that the meme coin could be entering a new phase of growth.
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