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Spot Bitcoin ETFs began the last trading day of the week negatively, and the Bitcoin price fell back to the $61,500 region. It’s too early to discuss volumes, but if we see near-record volumes today, we might witness massive rallies in altcoins over the weekend. WIF Coin has already started rallying with the good news in the early hours of the day.
Why Is Dogwifhat (WIF) Rising?
Robinhood unexpectedly included WIF on its platform. Consequently, Dogwifhat (WIF) saw an increase of over 20%, surpassing $1. Following this news, the price reached an all-time high.
Now, as Dogwifhat hovers around the $1.02 resistance, the importance of the weekly close is growing. Dogwifhat has attracted significant interest in the Solana ecosystem since its launch at the end of 2023.
According to on-chain movement shared by Lookonchain, a new address withdrew 16,160 SOL from Binance and purchased WIF Coin at a cost of $0.8871 (worth $2.15 million). Lookonchain suggested that this address, which bought before the big news, “knew something we didn’t.”
While the Bitcoin price continues its strong performance, demand for altcoins is likely to remain lively. As volume data becomes clearer in the coming hours, we should see investors starting to buy or sell in preparation for the weekend. This means we should expect above-normal volatility over the next 12 hours.
What Will Be the Price of WIF Coin?
It’s not hard to see why the wallet that bought WIF Coin at $0.88 chose this area. The four-hour chart has been showing the $0.88 level as an important resistance zone for some time. WIF Coin needs to close above this area for the week if it is to set new ATH levels. The psychological resistance area is at $1. Even though the price has dropped below this level at the time of writing, its current level is conducive to a continuation of the rise.
So, what could the potential peaks be? If we see closes above $1, a rally up to $1.23 and $1.63 is possible.
However, it’s difficult for the token, whose market value has significantly increased, to sustain a hype-driven rise for a long time. Therefore, it might achieve this during days when the appetite in the altcoin market strengthens (perhaps within a few weeks) after an intermediate correction.
