In the ongoing bull market, a trader recently made $1.4 million with just $310 worth of SOL (Solana). On February 27, 2024, an on-chain analytics firm, Lookonchain made a post on X (previously Twitter), highlighting that a trader spent 5.288 SOL to buy 2.58 million Solana-based dogwifhat (WIF) tokens on November 26, 2023.
How trader make $1.4 Million of profit in WIF tokens?
However, with the recent 50% increase in the price of WIF on February 27, 2024, the value of the investment surged to approximately $1.4 million, resulting in a remarkable 4,530x return. In addition to this massive return from WIF tokens, another smart trader invested $539,000 in SOL to purchase 1.43 million WIF the day before WIF prices surged.
Later, the same trader invested $1.54 million in Solana’s SOL and purchased over 4 million WIF tokens, currently holding an unrealized profit of about $582k. Prior to this, the trader had already made a substantial profit of over $147,000 from WIF tokens. As this smart trader invested $5,000 in $SOL to buy 3.98 million $WIF and sold it for $6,443, making an additional $147,000 profit.
WIF technical analysis and key levels
The current situation in the crypto market is bullish, and traders are heavily focused on trading rather than investing. Currently, the WIF token is trading near $0.53, and in the last 24 hours, it experienced over a 40% upside momentum, reaching an intraday high of around $0.56 and a low of $0.36. Looking at the performance of WIF over a longer period, in the last 7 days, the WIF price experienced a massive surge of over 44%, whereas in the last 30 days, it saw over 60% upside momentum.
This significant surge in the price of WIF tokens attracted a large number of traders and investors, evident in the 24-hour volume. According to CoinMarketCap, the 24-hour volume of WIF tokens surged by over 200%, currently standing near $119 million.
According to expert technical analysis, the recent price surge in WIF tokens caused a breakout of a strong resistance level near $0.47 and is currently heading towards another all-time high. Besides this resistance breakout on a daily timeframe, the WIF token also broke out of an inverted head and shoulder pattern and closed above the neckline. As per the price action analysis, in the coming days, we may see WIF reaching $1.14.
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