Worldcoin price took a turn for the better last week after OpenAI announced the launch of their newest product, o1. The hype around the project propelled WLD price by over 18% in less than 12 hours. However, investors have been booking profits over the weekend as the much-awaited FOMC meeting is filled with uncertainty. In the meantime, the Worldcoin decentralized identification (DID) system is finally coming to Solana, potentially reducing the rate of rug pulls and exploits on the network.
Wormhole Finalizes WorldID Bridge to Solana, Worldcoin Price Slumps
On June 27, Wormhole, the leading interoperability platform powering multichain applications and bridges at scale, announced that Worldcoin’s WorldID was coming to Solana. Less than a month later, the bridge was finalized.
The integration will allow Solana developers to prioritize proof of personhood for authentication in their products. This is a big win for Worldcoin, which aims to foster increased trust in the digital world and, by extension, for the Solana price.
Despite the good news, the Worldcoin price dropped over the weekend as general trading volume declined. This could be because of the upcoming FOMC meeting on September 18, in which the crypto investors expect 25 to 50bps. However, it has been a while since anyone is certain of what Fed Chair Jerome Powell will do, as the regulatory agency has pushed forward promises of rate cuts for almost a year now.
WLD Price Analysis: $2 In Sight, But Not Before This
WLD price is currently in a bearish trend despite the recent upward swing. The price action has been making lower highs and lower lows since mid-August, but there is potential for a reversal as the price is currently near a significant support zone ($1.37–$1.40). The price has tested this level multiple times and respected it, indicating that buyers could step in here.
Conversely, the Worldcoin price could face resistance at $1.50 and $1.60. The WLD price has tested the $1.50 level multiple times, while $1.60 is a more distant target, acting as a strong ceiling for the price recovery.
Candles near the support area show long lower wicks, which suggests rejection of lower prices and a possible upward reversal. This may indicate that the sellers are losing momentum.
The Worldcoin price is likely completing a corrective wave downwards within the larger bearish structure, and it seems ready for a bounce at this support level towards the next resistance. If the WLD price breaks and holds above $1.60, this could indicate the end of the bearish cycle, opening up a long-term target of around $2.00 or higher.
Frequently Asked Questions (FAQs)
OpenAI’s launch of o1 led to an 18% surge in WLD price within 12 hours, sparking investor interest and market activity.
The integration allows Solana developers to prioritize proof of personhood for authentication in their products, increasing trust and potentially reducing rug pulls and exploits in the network.
Before any significant upward movement, WLD could experience a 6% drawdown, especially as it faces resistance at $1.50 and $1.60.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/can-worldcoin-price-hit-2-as-worldid-enters-solana-ecosystem/
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