WIF surged nearly 13% in the past 24 hours, but a key condition still needs to be met before breaking through a long-term wedge pattern that has lasted for 7 months.

As the market warms up, this popular coin is regaining attention. From a technical perspective, the situation looks promising—SMI indicator reading is at 41 with a breakout signal, CMF shows continuous capital inflow, and whale accounts have swept over $2.5 million in the past 48 hours. All these signs point to bulls gaining momentum.

The derivatives market is even more exuberant. Open interest has soared from $55 million to nearly $100 million, and funding rates on multiple major exchanges have turned positive, indicating a clear market sentiment shift.

However, there are subtle changes on the spot side. While the number of addresses holding the coin is increasing, selling pressure on-chain is also expanding. According to feedback from on-chain data analysis platforms, abnormal fluctuations in buy-sell ratios have appeared, which could constrain upward price movement in the short term.

Overall, the bullish trend has been established, and a wedge breakout seems imminent. However, if the spot market cannot provide strong support, volatility at the key wedge position could be quite intense. Proper risk management is crucial.