Despite continued market weakness, Worldcoin (WLD) faced intense selling pressure from large entities. One of the most active entities on the sales side are the wallets linked to the Worldcoin team.
Worldcoin Team Gives Up 21.17 Million WLD
According to Onchain Lens, two wallets deposited a total of 21.17 million WLD worth approximately $5.57 million into Bybit.
After moving these tokens three weeks ago, these two wallets finally decided to cash out, especially since the market had barely moved.
In fact, since the first move, WLD has barely moved on its price charts and sold at a loss of $260,000. The team’s decision to sell reflects the market’s downtrend.
Bears Overwhelm the Market
Aside from team-related wallets, most active market players have significantly increased their spending. According to data from Coinalyze, Worldcoin recorded a sales volume of 24.4 million. Binance recorded the highest sales volume, reaching 18 million.
In fact, net purchases on Binance remained deeply negative, falling to -127 million, a clear sign of aggressive selling.
Along with this, seller strength rose to 100, while buyer strength dropped to 0. This suggests that demand has dried up in the market, with sellers overtaking it.
As a result, the Bulls vs Bears indicator has remained negative for nine straight days, currently at -9.1. This suggests that the bears have a strong hold on the market and that buyers have done little to resist the pressure.
Historically, prolonged bearish dominance has preceded further weakening of market structure, leading to lower prices.
Can WLD’s $0.26 Support Finally Break?
The latest team sale had virtually no impact on the price action of the altcoin. In fact, WLD has been hovering around $0.26 for the past seven days and is still holding near this level.
Even more, the bearish momentum remained strong. Looking at the altcoin Stochastic Momentum Index, this momentum indicator dropped sharply and fell deeper into the negative zone.
The SMI currently sits at -83, which represents very high oversold territory, suggesting that sellers have significant control over the market.
Likewise, the positive DMI-ADX Smoothing Index fell to 22, while the negative index rose to 24, validating the strength of the downtrend.
These momentum indicators suggest that the dominant trend is likely to continue. If selling pressure, especially from the team, persists, Worldcoin could fall below $0.26, with $0.24 serving as immediate support.
If this level is not maintained, WLD will touch a low of $0.20. However, if the $0.26 level holds despite the selling, the altcoin could target the $0.3 resistance level.
Final summary
- Two wallets linked to the Worldcoin team sold 21.17 million tokens worth $5.57 million.
- WLD is facing extreme selling pressure from all market participants, threatening to breach the stubborn $0.26 support level.
