- WIF could fall by another 15% in the coming days
Major liquidation levels were near $1.579 on the lower side and $1.758 on the upper side
As a seasoned researcher with a knack for deciphering market trends and patterns, I find myself standing at a crossroads amidst the current crypto market turmoil. The bearish sentiment is palpable, with even the top dogs like BTC, ETH, and SOL taking a hit. However, the recent whale’s sell-off of 14.53 million WIF tokens has sent ripples through the Solana ecosystem.
As we speak, the general feeling in the market is pessimistic, as leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are showing significant drops in value.
Despite the economic slump, an extraordinary event unfolded as a whale apparently transferred 14.53 million Solana-based Doge (WIF) tokens, valued at approximately $24 million, during this period.
Whale’s sell-off creates ripples
In a recent update on X (formerly Twitter), Lookonchain disclosed that five wallets, presumably linked to the same individual, offloaded approximately 14.53 million WIF tokens. This significant sale occurred following the collapse of the crucial $157 support level for Solana.
Additionally, Lookonchain pointed out that this large investor acquired WIF tokens on November 30, 2023, for just $5,340. Subsequently, this sale action has yielded a return of more than 4,500 times the initial investment. If the investor had liquidated all his WIF holdings at their peak price, he would have amassed a profit exceeding $69 million, which translates to approximately 12,927 times the initial investment.
In the face of selling activity, many investors and traders anticipate that this SOL-backed meme token might dip to the $1 mark soon. This prediction could spell trouble for current holders of the cryptocurrency, but it could also present an attractive buying opportunity for others. If a large number of investors jump in, buying momentum could potentially push WIF back up on price graphs.
Dogwifhat (WIF) price analysis
As we speak, Wrapped Fantom (WIF) was hovering around $1.69 due to a 11% decrease over the past day. Simultaneously, Open Interest (OI) for WIF dropped by 5.5%, indicating reduced engagement from the cryptocurrency community given the current bearish market sentiment.
Concurrently, there was a 10% increase in the trading activity of this meme-coin, suggesting that more investors and traders are getting involved.
WIF technical analysis and key levels
From the price graphs, it appeared that WIF was bearish, as the cryptocurrency trended toward the significant support point of approximately $1.40.
It appears likely that WIF may drop an additional 15% in the near future before reaching its current support level.
If it continues to stay above the significant support level, it’s likely that we might witness a price change in the opposite direction. On the flip side, if it drops and ends the daily trading below the $1.4 mark, there could be a substantial drop down to the $0.90 mark.
As I pen this, the critical selling points for my cryptocurrency holdings are roughly around $1.57 on the downside and $1.758 on the upswing.
If the market’s outlook stays the same, a drop in WIF to around $1.57 could lead to approximately $6.04 million being wiped out from long positions. On the flip side, if the sentiment changes and WIF climbs to about $1.75, roughly $5.56 million of short positions might be eliminated.
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2024-08-04 06:15