• WIF broke out after steady accumulation and now battles resistance at $1.32.
• Support at $1.10–$1.15 will determine if WIF can push to $1.50 or retrace lower.

dogwifhat [WIF] has been making serious moves lately, gunning for that $1.50 level. But the run didn’t come out of nowhere. 

It all started with weeks of quiet grinding between $0.20 and $0.80, where it looked like not much was happening, but clearly some smart players were loading up under the radar.

Then the market flipped bullish, and WIF took off. It smashed through key levels and had all the momentum in the world. 

But now it’s hitting its first real resistance at $1.32 – a zone where a lot of previous buyers are likely cashing out. That rejection has already brought the price down to around $1.17 at the time of writing.

Source: TradingView (WIF/USDT)

However, unlike the mid-January rally, where WIF tagged this same price range before nuking to $0.30 in under 100 days, the on-chain backdrop this time is showing a different vibe. 

Back then, LTH NUPL cratered to a brutal -2.92, signaling deep unrealized losses and heavy distribution from long-term holders. That kind of panic under the hood lined up perfectly with the swift breakdown that followed.

Fast-forward to now, and while LTH NUPL is still in negative territory, it’s starting to tick upward — climbing from -0.90 to -0.60 at press time. 

That subtle shift matters. 

It means long-term holders are still underwater, but the bleed is slowing. It’s not euphoria, but it’s a far cry from January’s capitulation.

WIF’s under-the-hood shift: Patience over panic

Clearly, the absence of strong selling pressure suggests one thing: HODLers are playing the long game, waiting for their patience to pay off. 

And that payoff only comes one way in this market — by breaking through supply walls.

WIF’s dip to $1.17 might’ve spooked retail, but smart money is treating it like a discount bin at the bull market. 

Wallets holding over 10,000 WIF have jumped from 2,515 on the 8th of April to 2,657 at press time — the highest whale cohort count on record.

In fact, that spike lines up perfectly with WIF’s 100%+ move, which left most high-caps in the dust.

Source: Glassnode

Even more bullish: Over 20 new whales joined the ranks in just the past 24 hours. That kind of size stepping in during a cooldown phase isn’t exit liquidity.

Instead, it’s positioning. Smart money isn’t chasing green candles; it is loading during retracements.

All in all, WIF is flashing all the signs of a classic “healthy” pullback — cooling off after a monster run while big wallets accumulate behind the scenes. This dip? It’s not a red flag. It’s a golden entry.