Ramazan Eles 
Solana-based memecoin Dogwifhat (WIF) has recently garnered significant attention due to a surge in whale purchases.
Over the past two weeks, two whale wallets have accumulated a total of 20.58 million WIF, equivalent to roughly $33.35 million. These large-scale acquisitions have fueled optimism around WIF’s future prospects. On-chain data reveals that two addresses, in particular, have been actively buying substantial amounts of WIF from exchanges like Binance and Bybit. September is typically characterized by weak market performance, but it seems these whales are capitalizing on this period of uncertainty.
The price chart indicates a breakout from a long-term descending wedge pattern. Since April 2024, the memecoin has been in a downtrend, but recent price action suggests the formation of a double bottom reversal pattern, hinting at potential upward movement.
Technical indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are also signaling bullish momentum, increasing the likelihood of a price breakout. Analysts believe that if WIF continues on its current path, it could easily surpass the $2 mark and extend its rally.
On the 4-hour chart, Dogwifhat has broken out of a triangle formation and crossed above the 200-day exponential moving average (EMA). This breakout has intensified upward pressure, with analysts focusing on the Fibonacci levels at $2.04 and $2.52. If the current trend holds, Dogwifhat could clear key resistance levels with ease. Investors in memecoins are closely monitoring WIF’s price action, eager to see where it heads next.
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