Solana-based meme coins posted major gains amid this recovery phase, with WIF forming a new bullish pattern on the daily chart. However, due to a rejection, the buying slowed down and is now weak on the day.
This month saw WIF through the biggest buying volatile session since the start of the year, as volume steadily flows back over the past days.
The buying came after testing a year low of $0.305 a few weeks ago, but the $0.48 level posed a threat, and the price pulled back. It managed to stay above the $0.36 level, creating a new support, and bounced back.
That brought a major surge, and the price increased consistently until it reached a high of $0.72 yesterday. A rejection occurred, and the price fell, closing with a bearish hammer candle. This candle pattern suggests a potential sell, and as we can see, the price is currently down today.
A continuous drop from the current trading level could bring a pullback in the market, validating the bearish candle signal. The recently flipped levels should produce a rebound. If not, WIF may expand drops until it finds solid ground. However, the market has seen a notable recovery in the past weeks, but the trend is still considered bearish in the mid-term.
WIF’s Key Levels To Watch
If a pullback occurs, the $0.58 and $0.46 supports should be watched for a rebound. There’s still hope for the bulls at the $0.36 support if the drop expands. Failure to defend the $0.3 level could result in another big collapse.
Advancing higher, WIF must reclaim the crucial $0.8 resistance level before considering a rally into the $1.1 level and potentially $1.75.
Key Resistance Levels: $0.8, $1.1, $1.75
Key Support Levels: $0.58, $0.46, $0.36
- Spot Price: $0.63
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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