In this study, a multiwalled carbon nanotube (MWCNT) dispersion is used as an ink for a single-nozzle inkjet printing system to produce a planar coil that can be used to determine strain wirelessly. The MWCNT dispersion is non-covalently functionalized by dispersing the CNTs in an anionic surfactant, namely sodium dodecyl sulfate (SDS). The fabrication parameters, such as sonication energy and centrifugation time, are optimized to obtain an aqueous suspension suitable for an inkjet printer. Planar coils with different design parameters are printed on a flexible polyethylene terephthalate (PET) polymer substrate. The design parameters include a different number of windings, inner diameter, outer diameter, and deposited layers. The electrical impedance spectroscopy (EIS) analysis is employed to characterize the printed planar coils, and an equivalent electrical circuit model is derived based on the results. Additionally, the radio frequency identification technique is utilized to wirelessly investigate the read-out mechanism of the printed planar MWCNT coils. The complex impedance of the inductively coupled sensor undergoes a shift under strain, allowing for the monitoring of changes in resonance frequency and bandwidth (i.e., amplitude). The proposed wireless strain sensor exhibits a remarkable gauge factor of 22.5, which is nearly 15 times higher than that of the wireless strain sensors based on conventional metallic strain gauges. The high gauge factor of the proposed sensor suggests its high potential in a wide range of applications, such as structural health monitoring, wearable devices, and soft robotics.