Can WIF smash through $2.5 soon? 35% weekly gain fuels optimism

• WIF was testing a key resistance level at $2.33, after it surged by 7.09% in the last 24 hours.
• Metrics indicate a potential bullish rally.

dogwifhat [WIF] has witnessed an impressive bullish rally. WIF surged by 7.09% in the last 24 hours to test a critical resistance level at $2.33. This bullish pressure comes after a 35% increase over the past seven days, exposing the $2.5 target to bulls radar.

WIF is now testing the $2.33 resistance area that previously acted as a support level. A break above this level will fuel the bullish rally to $2.5.

Source: Tradingview

The MACD indicators show increasing histogram bars, suggesting a building bullish momentum.This gives positive sentiment for a potential bull rally.

Whales make waves

According to Santiment data, there is a spike in whale activity. This surge in whale activity correlates with the price surge. 

Alongside whale activity, social volume for WIF has also surged. The social volume has steadily increased since 15th June.

Source: Santiment

AMBCrypto further analyzed Hyblock whale-to-retail ratio delta data. The metric indicates a growing divergence between whale and retail activity, with the delta at 81.50.

This suggests that bigger players are driving the current rally.

Source: Hyblock

WIF liquidity remains huge

Market liquidity for WIF remains instant despite the recent price surge. According to Coinglass liquidity data, the market tends to have a bullish bias.

Its trading volume has surged 19.09% to $421.2 million in the last 24 hours. This surge provides enough liquidity to support a further rally if momentum continues.

Source: Coinglass

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The confluence of surging whale activity, a social volume surge, and maintained liquidity signals a bullish rally in the near future. The $2.5 target level can be hit if the current resistance is broken

However, potential pullbacks cannot be written off after such a strong rally. If the $2.33 zone stands,  a potential consolidation phase may occur, leading to a further bullish run.