In a noteworthy market trend, the price of $WIF soared by approximately 50%, according to Lookonchain’s data. This significant surge follows a smart trader’s strategic investment of 4,900 SOL (equivalent to $539K) to acquire 1.43M $WIF just a day before the price hike. Since February 16, this savvy investor has allocated 14,000 SOL (around $1.54M) to purchase 4M $WIF.
Consequently, the current unrealized profit stands at an impressive ~$582K. Moreover, this isn’t the first instance of profit for the trader. Previously, an investment of 5,000 SOL was made to buy 3.98M $WIF, which was later sold for 6,443 SOL. Hence, a profit of 1,443 SOL ($147K) was realized per the onchain analytics firm, Lookonchain.
Furthermore, Lookonchain sheds light on the trader’s trading dynamics of the $WIF/SOL pair on the Raydium exchange. Notably, the 8-hour timeframe chart illustrates the volatile price movements of $WIF against SOL. The price, prominently displayed at 0.5332 SOL per $WIF, indicates a 14.30% increase, signifying a considerable price rise.
Additionally, the volume indicator beneath the main chart uses green and red bars to denote trading volume in each 8-hour segment. Green bars reflect periods of price increase, while red bars signify price decreases. At the time of the analysis, the trading volume stood at 8.181M $WIF.
Significantly, the blue line on the chart represents the price action of $WIF against SOL. It’s annotated with green arrows to indicate buying actions followed by price increases. These annotations include a purchase of 3.98M $WIF with 5,000 SOL and another 4M $WIF with 14,000 SOL. A sell annotation, marked by a red arrow, shows the sale of 3.98M $WIF for 6,443 SOL, leading to a price drop. The chart’s overall trend underscores the market’s volatility, with sharp price fluctuations evident.
This instance of strategic trading on the volatile cryptocurrency market underscores the potential for significant gains. The smart trader’s ability to buy low and sell high, capitalizing on market swings, demonstrates a keen understanding of market dynamics. Moreover, the volume indicator is critical, providing insights into trading activity and potential price movements.
