Key Takeaways
- A newly created wallet has opened $2 million worth of Dogwifhat (WIF) long positions with 10x leverage.
- The WIF daily chart shows a textbook-style bullish falling wedge pattern.
- Price action hints at a potential 25% price uptick if it clears the $0.827 level.
The popular Solana-based meme coin, Dogwifhat (WIF), is making waves in the crypto landscape as a whale opens $2 million in long positions. This activity comes after WIF formed bullish price action near its breakout level.
Whale Goes All-In on WIF, $2 Million Long Opens
Today, the blockchain-based transaction tracker EyesOnChain Lens shared details of a whale activity. The firm reported that a newly created wallet deposited 701,000 USDC into Hyperliquid and immediately opened a long position with 10X leverage.
This indicates that the whale has taken a long position on 2.47 million WIF, worth $2 million. Meanwhile, such a position by a newly created wallet raises eyebrows, as it hints at potential speculation or a high-conviction directional bet.
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James Wynn Denies Ties to Wallet Behind 10x WIF Long
Looking at this massive long position, the blockchain transaction tracker Lookonchain linked it to prominent crypto trader James Wynn. However, James later denied any connection, stating, “This isn’t me, I don’t trade with nickels and dimes. 8 figure+ positions only.”
Rising Volume Signals Strong Price Momentum
However, the impact of this strong bullish bet has already begun on WIF’s price, which climbed 3.51% to reach the $0.82 level.
This major rally in the meme coin followed the bullish bet. So far, investors and traders appear to be jumping into the trade, as WIF’s trading volume has risen 13% over the past 24 hours.
Dogwifhat (WIF) Price Action and Upcoming Levels
Looking at the WIF daily chart, the meme coin appears to have successfully broken out of a bullish falling wedge pattern and is currently facing local resistance at the $0.827 level. This resistance also marks the upper boundary of a small consolidation that the coin formed over the past week.
TimesCrypto’s technical analysis suggests that WIF is inching closer to a massive price uptick. All it needs is to break above the upper boundary of the consolidation level at $0.827.
Based on current price action, if WIF breaks this resistance level, there is a strong possibility that the asset could see an impressive 25% price increase and potentially surpass the $1 mark.
This bullish outlook is further strengthened by the technical indicator Bollinger Bands. At press, the WIF price is at the lower boundary of the Bands, which hints at a potential rebound as the meme coin may be considered oversold and poised for an upward move.
