Worldcoin (WLD) Gains Whales' Attention, Large Transaction Volume Jumps by 252%

Worldcoin [WLD] is gaining significant attention from crypto enthusiasts following its recent breakout and impressive upside momentum.

Worldcoin [WLD] price action has attracted attention after a recent breakout and traders are keeping an eye on the token’s price movements. But what exactly happened that has traders zooming in on WLD token price?

Here’s what on-chain data reveals about the recent interest in the token from whales, institutions, and traders, and how traders can use this information to make informed decisions.

On-chain data reveals a 252% surge in large transaction volume for WLD token, indicating growing confidence from whales, institutions➥

Worldcoin large txn volume jumps by 252%

According to on-chain analytics firm IntoTheBlock, the large transaction volume of WLD token has surged by 252%. This indicates a strong interest in the token from whales and institutions. However, it’s important to note that this large transaction volume was observed during a period of mixed market sentiment, with the market displaying both bullish and bearish tendencies.

Coinglass data reveals substantial WLD outflows from exchanges

WLD spot Inflow/Outflow data from Coinglass showed a consistent outflow of the token from exchanges. Over the past 48 hours, a significant $20.20 million worth of WLD tokens have flowed out of exchanges.

“Outflow” refers to the transfer of assets from exchanges to wallets, typically indicating that long-term holders are withdrawing the token from exchanges. This continuous outflow from exchangesﻹs a bullish indicator, suggesting a potential uptrend and a favorable buying opportunity.

Worldcoin traders are bullish, with L/S ratio at 1.05

In addition to the interest from whales and institutions, traders also appear bullish on WLD token, according to Coinglass. Currently, the L/S ratio for WLD stands at 1.05, indicating a strong bullish sentiment among traders.

At press time, 51.25% of top WLD traders held long positions, while 48.75% held short positions. This data can be used by traders to gauge the overall sentiment in the market and make informed trading decisions.

Worldcoin technical analysis reveals bullish potential, with possibility of 30% surge to $4 level

However, the massive interest by industry giants appears to be following the bullish price action pattern. According to AMBCrypto’s technical analysis, WLD appears bullish, having recently bounced off the $2.5 support level and formed a bullish engulfing candlestick pattern on the daily timeframe.

With recent price action, there is a strong possibility that WLD could soar by 30% to reach the $4 level in the coming days. However, this bullish thesis will remain valid only as long as the token trades above the $2.5 level, otherwise, it may falter.

On the positive side, WLD’s Relative Strength Index (RSI) is currently at 52, below the overbought territory, indicating that the token has more room to rise significantly in the coming days.

Currently, WLD is trading near $3.08 and has seen a price decline of 3.3% in the past 24 hours. During the same period, its trading volume decreased by 30%, signaling lower participation from traders and investors compared to the previous day.