- A whale has sold almost 1 million WIF tokens.
- If the bearish trends continue, A massive sell-off could occur, sending WIF down to $0.90.
The overall cryptocurrency market saw a massive downturn, and the world’s fifth largest cryptocurrency, Solana [SOL]along with its associated tokens, experienced a massive sell-off.
Whale offloads $1.65 million WIF tokens
Amid this selling pressure, a whale was caught on July 4 selling a significant quantity of 900,000 dog hats. [WIF] tokens worth $1.64 million on ByBit, as data shared by an on-chain analytics company Look at chain.
According to the data, despite this massive sell-off, this whale still had a remarkable 974,000 WIF tokens worth $1.76 million.
The possible reason behind this massive sell-off is the current market sentiment and the remarkable price drop of Solana. According to CoinMarketCapSOL has experienced a price drop of more than 8% as of press time.
Another reason contributing to the bearish market sentiment is the update on Mt. Gox BTC refunds and an expert update on site Ethereum [ETH] ETF, which will likely be postponed this time.
As a result of these factors, WIF has also lost more than 11% of its value.
WIF technical analysis
At the time of writing, WIF was at a strong support level at $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 bullish upward movement.
Source: TradingView
Current market sentiment makes this level even more important.
IIf WIF fails to hold this level and closes a daily candle below this support, a massive sell-off could occur, potentially pushing the price down to the $0.90 level.
Furthermore, sentiment has been bearish as WIF’s Open Interest has fallen by 8%, signifying a lower level of interest and confidence among investors and traders.
Source: Coinglass
WIF price-performance analysis
At the time of writing, WIF was trading around the $1.77 level, and in the last 24 hours it has seen a price drop of more than 8%.
During the same period, trading volume saw a remarkable increase of 60%, which was a sign of the participation of investors and traders during the market downturn.
Is your portfolio green? View the WIF profit calculator
Looking at WIF’s performance over a longer period of time, over the last seven days, it is down 10% with this recent drop. Meanwhile, it lost more than 45% of its value in the past 30 days.
Besides WIF, other Solana-based meme coins such as Bonk [BONK]BOOK OF MEME [BOME]and cat in a dog’s world [MEW] have lost 9%, 7% and 8% of their values per respectively CoinMarketCap.