WIF nears key support level signaling potential accumulation or further decline

• $WIF nears key support, with a potential accumulation between $0.54450–$0.17249, hinting at a possible long-term rebound.
• The market remains bearish, but sustained support above $0.54450 could spark bullish momentum, while a drop below $0.17249 risks more downside.
• Meme coin sentiment & Solana’s trends impact $WIF; cautious accumulation may be wise before committing to long-term holds.

The cryptocurrency market continues to shift, and $WIF is nearing a support zone. According to CrediBULL Crypto, $WIF has declined nearly 90% from its peak, where he previously advised caution. Now, the price is approaching a range between $0.20 and $0.50, an area that could present a compelling long-term opportunity. 

While he remains cautious due to broader market conditions surrounding $SOL and meme coins, he acknowledges that this is the first time he considers $WIF to be at an attractive price level for a potential hold until the cycle’s end.

Key Technical Levels and Market Sentiment

Currently, $WIF trades around $0.63818, reflecting a 3.05% decline. The weekly chart indicates a downward trend, with prices ranging between $0.57602 and $0.70099. Fibonacci retracement levels reveal critical zones, with the 100% level at $4.86980 and the 50% level at $2.24059. More importantly, the 0% retracement level at $1.03089 acted as strong support in the past.

$WIF has now entered the “High Time Frame (HTF) Accumulation Zone,” which spans from $0.54450 to $0.17249. This suggests the possibility of accumulation at these levels. Historically, prices tend to consolidate within these zones before a potential breakout. The recent weekly candles exhibit smaller bodies and lower wicks, indicating some buying interest.

Potential Price Scenarios

The market structure remains bearish, but support levels are being tested. If $WIF sustains within this accumulation zone, sideways movement may follow before a potential reversal. A recovery above $0.54450 could indicate renewed bullish momentum, while a breakdown below $0.17249 may signal further downside risk.

Additionally, broader market conditions surrounding Solana and meme coins could influence $WIF’s price movement. The sentiment in these sectors remains uncertain, which may prolong consolidation. However, traders are closely monitoring price action to determine whether accumulation is occurring or if further declines are likely.

Final Thoughts

As $WIF approaches crucial support levels, traders are weighing the risk-to-reward ratio. The current zone offers potential upside, with prior highs representing a possible 10x return. However, the uncertainty surrounding meme coin sentiment and broader market trends suggests patience is necessary. Market participants should watch for clear signs of accumulation before making long-term commitments.