WIF is at a strong support level of $1.6, but if the memecoin fails to sustain this level, a massive sell-off may occur.
Whale offloads $1.65 million WIF tokensAccording to the data, despite this massive sell-off, this whale still held a notable 974,000 WIF tokens worth $1.76 million.
The potential reason behind this massive sell-off is the current market sentiment and the notable price drop of Solana. According toAnother reason contributing to the bearish market sentiment is the update on Mt. Gox BTC repayments and an expert update on the spotAt press time, WIF was at a strong support level of $1.6, and appeared to be forming a bullish double-bottom pattern with a doji candle.
This is the third time since March 2024 that WIF has reached this level, and each time traders and investors see a bullish upside move.f WIF fails to sustain this level and gives a daily candle closing below this support, a massive sell-off may occur, potentially driving the price down to the $0.90 level.
Additionally, sentiment was bearish as WIF’s Open Interest has dropped by 8%, meaning a lower level of interest and confidence from investors and traders.At press time, WIF was trading near the $1.77 level, and in the last 24 hours, it experienced over 8% price drop. In the same period, the trading volume experienced a notable jump of 60%, signaling investors’ and traders’ participation amid the market downturn.If we look at the performance of WIF over a longer period, in the last seven days, with this recent drop it was down by 10%. Meanwhile, in the last 30 days, it lost over 45% of its value.Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics.
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