Worldcoin (WLD) has made a remarkable leap in recent days, reaching a 5-month high and capturing the attention of crypto analysts and traders alike. In the last 24 hours, WLD surged by 14.36%, pushing its price to $2.88. This jump adds to the altcoin’s impressive performance over the past month, which saw its value soar from a low of $1.50 to a high of $3.06—a gain of 38.18%.
Despite these bullish gains, WLD remains significantly below its all-time high (ATH) of $11.82, trading roughly 75.7% below that peak. The question now on everyone’s mind: is this upward momentum a sign of a sustained rally, or just another short-lived spike?
Strong Market Sentiment Fuels the Surge
The recent price surge is backed by strong market sentiment and bullish indicators. According to analysts, WLD’s current momentum could signal more potential gains. One key factor contributing to this optimism is the surge in open interest, which has reached an all-time high of $433.9 million in the last 24 hours. A rise in open interest often points to increased buying pressure, with investors opening new positions, signaling confidence in the asset’s future performance.
Additionally, WLD has seen a notable uptick in whale activity. The number of large transactions—those valued over $100,000—has increased by 55.56%, from 90 to 140 in just one day. This suggests that large holders are actively participating in the rally, contributing to the upward push in WLD’s price.
Even more encouraging is the surge in daily active addresses, which have hit an 8-month high of 1.5k. This indicates strong demand and widespread adoption of WLD, further reinforcing the idea that this rally is supported by a solid base of market participants.
Accumulation Trend Points to Long-Term Confidence
Adding to the positive outlook for WLD is the decline in its exchange flow balance. The recent trend shows that more WLD tokens are being withdrawn from exchanges than are being deposited. A negative exchange flow typically signals accumulation, as investors opt to hold onto their tokens in anticipation of future gains. This trend suggests that investors are bullish on Worldcoin’s long-term prospects, reducing the likelihood of immediate sell-offs.
What’s Next for Worldcoin?
The current bullish wave could see WLD attempting to break past key resistance levels. The next hurdle is the $3.24 resistance, which has previously posed challenges for the altcoin. Should WLD manage to overcome this level, analysts predict that the altcoin could target a price of $3.89, a significant move that would further solidify its bullish momentum.
Popular crypto analyst Ali Martinez has weighed in on the matter, predicting a sustained rally towards the $4 mark if the current conditions persist. However, market dynamics are volatile, and while the momentum is strong, traders should remain cautious and monitor any shifts in market sentiment.
With rising open interest, increased whale activity, and a strong accumulation trend, Worldcoin appears to be on the verge of a potential breakout. While it’s still far from its all-time high, the altcoin’s impressive gains over the past month and its current bullish momentum indicate that WLD could be poised for further growth. If the market conditions continue to favor Worldcoin, it may soon reclaim higher price points, possibly setting the stage for a sustained rally in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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