Worldcoin Price Surge Stalls as FOMC Meeting Looms, Solana Integration on the Horizon

Worldcoin Price Surge Stalls as FOMC Meeting Looms, Solana Integration on the Horizon

Worldcoin’s price saw a significant improvement last week following OpenAI’s announcement of their latest product, o1. The excitement surrounding the project drove WLD’s price up by over 18% in less than 12 hours. However, over the weekend, investors began securing profits as the upcoming FOMC meeting looms with uncertainty. At the same time, Worldcoin’s decentralized identification (DID) system is making its way to Solana, a development that could help curb rug pulls and exploits on the network.

Wormhole Finalizes WorldID Bridge to Solana, Worldcoin Price Dips

On June 27, Wormhole, a leading platform facilitating interoperability and multichain applications, announced that Worldcoin’s WorldID would soon be integrated with Solana. Less than a month later, this bridge was successfully completed.

This integration will allow Solana developers to prioritize proof of personhood for authentication purposes in their products, marking a significant win for Worldcoin as it strives to build greater trust in the digital world. By extension, this could also positively impact Solana’s value.

Despite the positive news, Worldcoin’s price took a hit over the weekend as overall trading volume decreased. This decline may be attributed to the upcoming FOMC meeting on September 18, where crypto investors anticipate a rate hike of 25 to 50 basis points. However, predicting the actions of Fed Chair Jerome Powell has become increasingly difficult, as the Federal Reserve has repeatedly delayed promised rate cuts for nearly a year.

WLD Price Analysis: $2 Target in Sight, but There Are Hurdles

Despite last week’s rally, WLD remains in a bearish trend. Since mid-August, the price has been consistently making lower highs and lower lows. Nevertheless, there is potential for a reversal, as WLD is currently approaching a crucial support zone between $1.37 and $1.40. This level has been tested multiple times and held steady, suggesting that buyers might step in soon.

However, WLD may face resistance at $1.50 and $1.60. The price has frequently tested the $1.50 level, while $1.60 serves as a more significant barrier, acting as a formidable ceiling to further recovery.

Recent candlestick patterns near the support zone show long lower wicks, indicating a rejection of lower prices and hinting at a possible reversal. This suggests that sellers may be losing momentum.

It appears that Worldcoin’s price is nearing the end of a corrective downward wave within a broader bearish trend. A rebound from this support level could drive the price toward the next resistance point. If WLD manages to break and maintain above $1.60, this could signal the conclusion of the bearish cycle, potentially paving the way for a longer-term target of $2.00 or higher.