Worldcoin [WLD] has surged over 10% over the past 24 hours, at press time, while trading volume surged by 45% to $639 million, reflecting a sharp increase in market participation.
What’s more intriguing is that the rally occurs as buyers build on the momentum gained over the previous several sessions. So, the question is, could the network bulls keep the momentum going? 
Whales and spot buyers are driving the rally
According to the recent AMBCrypto analysis, Worldcoin’s on-chain and market data point to growing participation from larger investors.
Whale orders have extended their dominance in the Futures market as per the recent Average Order Size data. This could point to a strategic accumulation as the token continues to trade above its key Exponential Moving Averages (EMAs).
At the same time, WLD’s buyers are dominating the spot market according to the recent Spot Taker CVD data. The combination speaks volumes as it suggests that bullish sentiment is building across different segments of the market rather than relying on a single source of demand.
Can WLD break above $0.60?
Looking at the daily time frame, the first level of resistance for bulls will be at the local high of $0.60.
A convincing break above this resistance can provide scope for a bullish run towards the next resistance target at $0.725. Regaining the $0.60 level can check all the boxes for the expected rally and show that the buyers have not lost control due to the recent price action.
From the market structure perspective, the outlook is positive. Rising trading volumes and more whale activities in the futures market are observed, and buying interest in the spot market remains strong. Therefore, these factors indicate that the recent rally in WLD is driven by rising market conviction.
With such a setup, bulls may get a chance to target the next resistance level of $0.725.
Final Summary
- WLD climbed 10% over the past 24 hours, with trading volume surging to $639 million.
- Whale activity in the Futures market and growing buyer dominance in the spot market are reinforcing the token’s bullish momentum.