- Worldcoin saw an uptick in whale sell-offs into the weekend
- Altcoin’s selling pressure capped its recent recovery and dragged it towards $2
17th January marked a significant event for Worldcoin [WLD] as large investors (whales) cashed in on its recent 22% recovery by selling off their holdings. As reported by Santiment, this led to a massive sell-off of over $1 million worth of WLD tokens on that particular Friday.
As an analyst, I’ve observed a significant event within the cryptocurrency market: approximately 5 million WLD tokens, valued at more than nine million dollars, have been offloaded onto both centralized and decentralized exchanges. This is evident from the noticeable surge in Exchange Inflows, as depicted by the red spike in the graph.
starting from late December, there was an increase in selling activity, as indicated by the consistently growing Supply on Exchanges graph (yellow).
As a researcher, I’ve noticed an intriguing trend in the crypto market. Specifically, I’ve observed that the number of WLD coins available on exchanges has increased from 126 million to 141 million within the month of January. This surge might be indicative of short-term supply pressure and profit-taking activity among traders, suggesting potential adjustments in their strategies or positions.
Demand for WLD stalls
It’s noteworthy that, during the same timeframe, the supply outside exchanges (represented by the blue line) decreased from 9.87 billion to 9.85 billion. This suggests a modest decrease in demand for WLD, which might temporarily limit WLD’s growth in the near future.
On the network activity side as well, there was a similar bearish trend. The number of daily active addresses (which are shown in white) also decreased, indicating reduced market enthusiasm for the altcoin.
Currently, as I pen down these words, the collective feeling among investors regarding the potential price movement of WLD seems to be evenly split, leaning towards a neutral stance – an indication that opinions are roughly divided equally between bullish and bearish perspectives.
A significant increase in favorable opinions (weighted sentiment) might suggest a strong chance for recovery, particularly as we approach the predicted cryptocurrency market upturn following the inauguration.
Read Worldcoin [WLD] Price Prediction 2025-2026
Speaking of which, it’s worth noting that WLD revisited the $2 price level recently – a significant support zone that has held strong since mid-December. If this level is successfully defended, it could serve as a launchpad for a prolonged upward trend, potentially pushing the price up to around $2.5 or even encountering resistance at the $2.8 mark due to existing supply.
In other words, the accuracy of the projected recovery can be confirmed if there’s an improvement in the current steady demand level, as indicated by the Relative Strength Index (RSI).
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2025-01-18 17:11