Worldcoin (WLD), the cryptocurrency linked to OpenAI CEO Sam Altman, was the biggest gainer among the top 100 coins today. In the last 24 hours, Worldcoin’s price rose 15.50% to $2.09.
As the token continues its upward trajectory, this analysis examines the reasons behind the recent price surge and the potential impact of a major token unlock scheduled for next week.
Worldcoin demand increases, responding to supply shocks
The rise in Worldcoin’s price could be attributed to the overall rise in AI-themed token prices . Additionally, the introduction of World ID authentication in Poland, Malaysia, and Guatemala appears to have contributed to the recent price surge.
According to the Open Source Digital Identity Project, the launch comes at a pivotal time for the countries.
“The new launch follows a summer that saw significant growth in AI advancements and the resulting potential for costly online fraud,” Worldcoin said in a blog post.
The development comes ahead of the Worldcoin token unlock, valued at $58 million. The event is scheduled to take place between September 30 and October 6.
Token unlocks typically introduce supply into the market, which can affect price movements. As a result, WLD may experience increased volatility during this period.
Additionally, on-chain data from Santiment, a cryptocurrency online data platform, shows a surge in Worldcoin’s social dominance. This sudden increase indicates that discussions around Worldcoin are increasing. This suggests that demand for WLD may be increasing, which could contribute to the price increase.
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Additionally, the coin holding time has increased by 310% over the past 7 days. Coin holding time measures the time that a cryptocurrency is held without being sold.
A decrease in this indicator indicates that holders are selling, which can have a negative impact on the price. In this case, a large increase in this indicator reflects strong confidence in the short-term potential of Worldcoin . If this upward trend continues, it can push the price even higher.
WLD Price Forecast: 20% Up to $2.50
From a technical perspective, Worldcoin’s rally was triggered by a breakout from a descending triangle, a technical pattern formed by converging lower highs with a horizontal support line.
This usually indicates that sellers are in control of the market and the downtrend is likely to continue. However, the daily WLD/USD chart shows that the altcoin has found support at $1.41 and has broken through the pattern, invalidating the bearish outlook.
After that, the price of Worldcoin faced resistance at $1.64. However, the bulls were able to break through the obstacle, and the price eventually reached $2.09. Currently, the cryptocurrency has hit a hurdle at $2.10.
Read more: Worldcoin (WLD) Price Prediction 2024/2025/2030
According to the analysis shown above, WLD can break through this resistance. If successful, the price of Worldcoin can rise by 20% in a few days, reaching $2.50.
However, investors should be wary of token unlocks. If the supply shock exceeds the demand for WLD, this prediction may not come true. Instead, the price may fall to $1.75.
