Dogwifhat (WIF), a popular Solana-based meme token, has made an astonishing comeback, with its price skyrocketing by over 20% in the latest trading session. This resurgence can be attributed to significant buying activity by large-scale investors, commonly referred to as "whales."

The recent rally has erased the losses incurred by Dogwifhat last week, when whales collectively dumped $30 million worth of WIF, causing the price to plummet from $2.06 to $1.75. However, the tide has now turned, with one whale in particular making a substantial purchase of 2.06 million WIF for 3.77 million USDT, at an average price of $1.83 per token.

This whale had previously incurred a staggering loss of $4.63 million on Dogwifhat, but has now re-entered the market, seemingly driven by renewed confidence in the meme coin. The pattern of buying high and selling low has characterized this whale's trading strategy, resulting in significant losses.

Despite the volatility, the recent resurgence in buying has reversed half of the losses incurred last week, marking a significant recovery for Dogwifhat. At the time of writing, the WIF price has soared by 21.43% to $1.86, with the market cap climbing to $1.85 billion and the trading volume surging to $792.87 million in the last 24 hours.

Looking ahead, the Relative Strength Index (RSI) for WIF is currently at 36.98, suggesting that the asset is approaching the oversold territory, which often precedes a potential rebound in price. If the bullish momentum continues, Dogwifhat could break through the $2 resistance mark, setting the stage for the WIF price to reach new highs of $3 or even $5 in the coming period.