Altcoins
Worldcoin Price Plummets Under $2 as Regulatory Scrutiny Intensifies
Worldcoin price has been in a steep decline for the past few days amid regulatory pressures and a decline in the asset’s buying pressure. The asset has plunged by more than 27% over the past week but remains 1028% higher in the year to date. Worldcoin’ s total market cap has slipped to $210 million, ranking it the 135th cryptocurrency by market cap. The total volume of the WLD token traded over the last day has crashed by more than 13%.
Regulatory Concerns
Despite making headlines for the past few weeks, Worldcoin has been experiencing a downturn since the start of this month, dropping to its lowest level since its launch on July 24, 2023. The Worldcoin price has been under intense pressure for the past few weeks amid recent news that key developers have left the project and increased regulatory scrutiny globally.
With over 50 altcoins labeled as securities by the US Securities and Exchange Commission, investors have been cautious about Worldcoin’ s status. Notably, Ethereum founder Vitalik Buterin recently raised an alarm about Worldcoin’ s technology, stating that there were major privacy and security concerns. Data privacy watchdogs in Germany and Kenya have been investigating the Worldcoin project over privacy concerns.
Kenya suspended Worldcoin’ s operations on August 2, investigating its observance of citizen privacy rights. Its Kenyan warehouse was raided earlier this week by authorities, while machines with stored data were seized during the operation. The Kenyan government has criticized the project due to the processing of personal data without valid reason which is against Kenyan law.
Germany’s Bavarian State Office for Data Protection Supervision also launched an investigation, with its concerns centered on Worldcoin’ s data processing practices and its transfer of information. Additionally, Argentina’s regulators are currently investigating the company’s operations in the country. Regulators in France and the United Kingdom have also questioned the company’s data handling practices.
With numerous investigation activities on the company, the Worldcoin price is likely to continue falling in the coming days. According to data by Santiment, the number of active users adopting WLD in daily transactions has plummeted over the past few weeks.
Worldcoin Price Prediction
The daily chart shows that the Worldcoin price has been in a bearish trajectory for the past few weeks amid regulatory concerns. The WLD price has formed a descending triangle pattern, shown in yellow, indicating the continuation of the bearish trend in the coming days. Its Relative Strength Index (RSI) is in the oversold region, with the Moving Average Convergence Divergence (MACD) indicator supporting the downward trajectory.
Consequently, the Worldcoin price is likely to pull back in the ensuing sessions as the company faces scrutiny globally. The next support levels to watch will be $1.50 and $1.00, respectively. However, a move above the bullish support level of $2.00 might pave the way for further gains to the important resistance zone of $2.50.
WLD Price Chart
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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