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WIF Suffers Sharp 11% Decline Before Mounting Recovery to $1.21
Solana-based digital asset demonstrates institutional resilience following support test at $1.16, as large-scale investor activity and technical formations suggest potential upside momentum.

Technical Patterns Signal Mixed Market Sentiment
WIF experienced substantial price volatility during the 24-hour trading session from July 22 at 17:00 to July 23 at 16:00, establishing a trading range of $0.15 that represented an 11% swing between the session high of $1.31 and low of $1.16. Market activity included an early morning rally from $1.21 to $1.31 on July 23 at 07:00, before encountering significant institutional selling pressure that drove prices to $1.16 by 13:00 on volume of 66.62 million units. The asset's subsequent recovery to $1.21 indicates strong institutional support around the $1.16-$1.17 price level, while the $1.31 threshold has emerged as a key resistance point where selling interest intensified.
Institutional Activity and Market Dynamics
- WIF registers 11% intraday volatility range with decline to $1.16 support level followed by recovery to $1.21, as market analysts identify cup-and-handle technical formation with upside targets extending to $3.70
- Futures market open interest increases 11% to $660.00 million concurrent with large-scale institutional purchase of 500,000 tokens, contributing to 30% price appreciation and breakout above previous trading channel
- Technical indicators show WIF trading above critical $1.20-$1.25 resistance zone with relative strength index approaching 70, indicating strong institutional demand despite potential for near-term consolidation
Corporate Investment Activity and Price Catalysts
WIF demonstrated significant price volatility during the 24-hour period from July 22 at 17:00 to July 23 at 16:00, declining to $1.16 before recovering to $1.21. The Solana blockchain-based digital asset has formed what technical analysts describe as a cup-and-handle pattern, with price targets identified at $1.75, $2.20, $2.85, and $3.70. Institutional activity intensified as investment entity WIFStrategy executed a purchase of 500,000 tokens, supporting the asset's ability to maintain levels above the critical $1.20 technical threshold.
During the final 60 minutes of the session from July 23 at 15:10 to 16:09, WIF demonstrated strong upward momentum, advancing from $1.18 to $1.21 for a 2% gain with concentrated trading volume during the 15:24-15:38 period as prices moved from $1.19 to $1.20. The asset established clear institutional support around the $1.18-$1.19 zone while sustained buying interest pushed through multiple resistance levels, concluding with consolidation near $1.21 on declining volume, suggesting potential preparation for the next directional move.
Market Performance Indicators
- Trading range of $0.15 representing 11% volatility between $1.31 session high and $1.16 low during 24-hour period.
- Volume surge to 66.62 million during decline phase indicating significant institutional selling pressure.
- Support level confirmed around $1.16-$1.17 zone demonstrating institutional price defense.
- Resistance established near $1.31 level where selling interest emerged on elevated volume.
- Relative strength index approaching 70 indicating strong institutional demand with potential overbought conditions.
- Cup-and-handle technical formation targeting breakout levels at $1.75, $2.20, $2.85, and $3.70.
- Trading above key $1.20-$1.25 resistance zone indicating institutional bullish sentiment.
CD20 Variant Exhibits Elevated Volatility Amid Market Uncertainty
The CD20 variant demonstrated substantial price volatility during the 24-hour trading period from July 22 at 17:00 to July 23 at 16:00, establishing a $0.15 trading range representing 12% between the session low of $1.16 and high of $1.31, experiencing significant selling pressure during mid-session before recovering to close at $1.21, resulting in a net gain of 1% despite intraday market turbulence.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
References:
- CryptoPotato, "DOGWITHHAT (WIF) Set For Liftoff: Is $3.7 In Play?", published on July 23, 2025.
- Invezz, "Best 4 Cryptos to Buy Now in July: Chainlink, Dogwifhat, Remittix, and Worldcoin", published on July 22, 2025.
- bitcoinsistemi.com, "Top 3 Meme Coins Poised for 100x Gains by Year-End, Including a New Token Gaining Popularity Rapidly", published on July 22, 2025.
CD Analytics
CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
CoinDesk Analytics operates under CoinDesk's AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk's approach to AI-generated content in our AI policy.

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