After losing over 80 percent in value in the past seven months, Worldcoin (WLD) price has signaled a potential reversal in the near term.
As the court restructuring process for FTX and Alameda Research approaches the end, with the former executives serving different times in prison, their crypto holdings led by Solana SOL $89.30 24h volatility: 7.2% Market cap: $50.58 B Vol. 24h: $9.26 B , and Worldcoin WLD $0.39 24h volatility: 4.2% Market cap: $1.09 B Vol. 24h: $145.05 M are expected to be dumped in the secondary markets soon. According to on-chain data analysis provided by Spot On Chain, Alameda Research has been depositing to Binance Holdings Ltd., around 143,770 WLD coins on a weekly basis for the past two months.
As a result, Alameda Research has sold around 1.56 million WLD coins, worth approximately $2.51 million since August 9, 2024. Currently, Alameda Research holds a total of about 23.44 million WLD coins, worth around $43 million.
With Alameda Research and FTX expected to repay creditors and customers up to $16 billion, the WLD sales could escalate in the near term, thus weighing down on bullish sentiment.
Impact on WLD Price Action
The Worldcoin project has in the recent past been met with mixed reactions from the crypto market as some speculate that the team led by Sam Altman has been heavily influencing the underlying price action.
Moreover, Worldcoin has a huge difference in the market cap and its fully diluted valuation, which is more than $17 billion as of this report. With the notable WLD unlock for the founding team, the WLD price has significantly suffered bearish sentiments since March.
According to the latest market data, WLD price has dropped over 84 percent since hitting its all-time high (ATH) above $11 earlier this year.
However, WLD price has been attempting a bullish breakout in the near term, based on several technical indicators.
For instance, the WLD price, in the weekly time frame, has broken out of a falling logarithmic trend in the past few weeks. The mid-cap altcoin successfully retested the 50-day Moving Average (MA) and is on the verge of a major bullish breakout ahead.
#WLDUSDT On the daily chart, $WLD has broken through the key resistance trend line.
The next target is 2.1800, where the first resistance level is located. A pullback may happen after reaching this point, but WLD shows strong long-term profit potential. pic.twitter.com/UIdS3gRYpl
— iamRK (@iamrehano) October 8, 2024
A consistent close above $2.1 in the near future will propel WLD price towards its all-time high soon. Otherwise, WLD holders should closely monitor the weekly sales by Alameda Research as it is a major source of selling pressure.
Market Picture
The Worldcoin project has grown to more than 6.8 million users through its world ID program. Backed by OpenAI CEO Sam Altman, Worldcoin has continued to penetrate more markets around the world.
As Coinspeaker previously reported, the Worldcoin project has made significant progress in Europe including the recent entry into Austria, and Poland, among other countries.
As a result, the Worldcoin project has continued to deliver more Orbs tools to ensure seamless distribution of WLD coins and enlisting of new customers.
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