Worldcoin hits 5-month high: Analyzing WLD’s future price action

• WLD has surged by 14.36% over the past 24 hours.
• Worldcoin’s market indicators shows a strong bullish momentum as open interest hits a new ATH.

Over the past 24 hours, Worldcoin [WLD] has experienced a strong upswing to hit a 5-month high . Over the past month, WLD has hiked from a low of $1.5 to a high of $3.o6.

As of this writing, Worldcoin was trading at $2.88. This marked a 14.36% upsurge over the past day. Equally, the altcoin has gained on weekly and monthly charts hiking by 26.27% and 38.18% respectively.

Despite the price pump, WLD remains approximately 75.7% below its ATH of $11.82. The current market conditions raise questions about whether Worldcoin is on the verge of a sustained rally.

Source: X

Inasmuch, these recent gains have left analysts talking about the altcoin’s trajectory. As such, popular crypto analyst Ali Martinez has predicted a sustained rally towards $4.

Can WLD finally rally?

According to AMBCrypto’s analysis, WLD is experiencing a strong upward momentum amidst bullish sentiment. As such, the prevailing market conditions could position the altcoin for more gains on the price charts.

Source: Coinglass

For starters, Worldcoin’s open interest has surged to hit a new ATH of $433.9 million over the past 24 hours. A surge in open interest implies that investors are opening new positions. This usually reflects increased buying pressure with buyers dominating the market.

Source: IntoTheBlock

Additionally, Worldcoin’s number of large transactions has surged by 55.56% over the past 24 hours from 90 to 140. This shows high whale activity indicating that large holders are actively engaged and a part of this price rally.

Source: IntoTheBlock

This high level of participation is not an isolated case among whales only but across all participants. We can see this through a spike in daily active addresses.

This has surged to hit a 8 months high of 1.5k. When an active address spikes, it suggests that a price rally is supported by strong demand, adoption, and interest.

Source: Santiment

Finally, Worldcoin’s Exchange flow balance has declined to a negative value indicating that more WLD tokens are leaving exchanges than are being deposited.

Usually, a negative exchange flow suggests that investors are accumulating WLD for the long term. It indicates confidence in the asset’s future performance and reduces the potential of near-term sell-offs.

Realistic or not, here’s WLD market cap in BTC’s terms

Simply put, Worldcoin is currently in a bullish wave. As such, WLD is positioned for more gains on price charts.

If the prevailing market conditions hold, WLD will attempt $3.24 resistance where it has faced multiple rejections. A breakout from here could see the altcoin hit $3.89.