The Dogwifhat (WIF) token continues to show a downward trend, reaching its lowest level since July amid a retreat in interest for Solana meme coins.
Current Situation of WIF Price
The WIF token has pulled back to $0.7885, which is 40% lower than its peak this year. This current price is attributed to the formation of a 'double-top' pattern on the daily chart, indicating a risk for further declines.
Accumulation and Exchange Reserves Data
Despite the price drop, large investors continue to accumulate the asset, raising their holdings to 36.81 million tokens, up from a low of 34 million earlier this month. Concurrently, WIF reserves on exchanges have fallen to 611 million tokens, indicating investors are moving towards self-custody.
Technical Analysis
The WIF price has dropped below the 50-day Exponential Moving Average, while the Relative Strength Index shows a downward trend. It is expected that the price may continue to fall, with key support level at $0.6387.
Increasing risks, such as weakening interest in derivative markets and the formation of bearish patterns, may hinder the recovery of the WIF price in the near future.
