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Will Profit-Taking Across WIF’s Market Stall Rally Led By Whales And Smart Money?
The cryptocurrency market has been plagued with uncertainty and volatility in recent times. This is particularly true for WIF, which has been on a downward trend for over a month now. The token has seen significant losses, declining by 36.28% in the past week alone. Despite this, there are signs that whales and smart money are attempting to rally the market.
One whale recently made a notable purchase of 9.6 million WIF worth $6.9 million from Binance. This move is typically considered bullish, as whales tend to accumulate assets at lower prices before a potential price surge. Additionally, Stalkchain has reported that WIF remains one of the most purchased tokens in the market over the last 24 hours, with smart money also acquiring thousands of dollars’ worth of the token.
Despite this activity from whales and smart money, there is still a possibility that the expected rally may be delayed. This could be due to profit-taking by spot traders who have seen significant gains in recent days. According to Coinglass, these spot traders sold a total of $930.60k worth of WIF in the past day alone.
This selling activity has followed three consecutive days of purchasing $15.14 million worth of WIF. It is possible that this could be minor profit-taking before a potential sustained upside.
Source: ambcrypto.com
