WIF Price Action Hints at Major Breakout Toward $5 Target

• WIF open interest tripled alongside price since mid-April.
• Cup-and-handle pattern forms, targeting a breakout near $1.30.
• Elliott Wave count suggests wave 3 impulse could soon begin

$WIF is showing early signs of a potential upward breakout as technical and on-chain indicators align. Morecryptoonl shared analysis, WIF has dipped into micro support, potentially marking wave 2 of a white Elliott Wave scenario. At the time of analysis, WIF traded near $0.995, posting a 2.90% intraday gain. 

However, analysts noted that price reaction remained subdued, lacking momentum to confirm an immediate bullish reversal. The critical resistance level to monitor is $1.17. 

A sustained move above this level would indicate that a third wave, typically the strongest, may have started. Fibonacci projections suggest a bullish path toward the $3.00–$5.00 range. Immediate short-term support lies between $0.90 and $0.95.

Open Interest Growth Reflects Bullish Sentiment

Meanwhile, Coinglass data shows a significant rise in WIF futures open interest since mid-April. Both price and open interest have climbed in tandem, indicating increased participation and growing trader confidence. 

From a low near $0.30, WIF surged past $3.00 in July before experiencing a mild correction. During this period, open interest expanded from around $200 million to over $600 million. 

This threefold increase reflects heightened speculative activity and a strong correlation with price movement. Analysts interpret this as a bullish signal, emphasizing the supportive role of derivatives in the ongoing price structure.

High-Timeframe Setup Targets $4–$5 Range

A high-timeframe chart shows a cup-and-handle pattern forming on WIF, typically viewed as a bullish continuation pattern. The breakout level is set at $1.30. If WIF breaks above this threshold with strong volume, analysts expect a sharp move toward the $4.00–$5.00 range. 

This target implies a potential 276% upside from current levels. The price has also moved back above the Ichimoku cloud, further supporting the bullish case. Analysts are watching for a volume spike at resistance to validate the pattern and confirm breakout strength.

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