WIF Breaks Out, $2.65 Target Looms After $16M Outflow

Dogwifhat—WIF, is gaining attention after a strong upward shift. After weeks of decline, the meme coin has broken free from a downtrend and started climbing. Key technical levels and a surge in investor interest are fueling optimism.

Technical Analysis: Breaking Through Resistance

WIF recently broke out of a downward price pattern and retested a crucial support level at $1.80. This level has seen solid buying pressure since November 2024. The third time WIF bounced at $1.80 signals potential for further gains.

Experts predict that if WIF closes above $1.945, the coin could rise by 35%, targeting $2.65. However, this bullish outlook depends on staying above a key upward trendline. Falling below could stop the rally in its tracks.

$16 Million Outflow Sparks Optimism

A $16 million outflow of WIF tokens from exchanges has added to the bullish sentiment. On-chain data from Coinglass shows that these tokens have moved to wallet addresses, indicating increased accumulation by long-term holders. 

This is a positive sign, as reduced selling pressure often leads to higher prices. Outflows from exchanges are typically viewed as a bullish sign in the crypto world. It suggests that traders are confident and holding their positions, expecting future gains.

At press time, WIF is trading at $1.89, up 4% in the last 24 hours. Trading volume has also surged by 15%, showing growing market interest. If WIF breaks through $1.945, the $2.65 target could become a reality.