Wormhole Price Rally: Bull Run Gains Steam!
Following a comprehensive update to its tokenomics, Wormhole’s native token, W, saw a more than 22% increase on September 18. W was up 17.6% over the last week and 37.42% over the last month at $0.1104 at the time of writing. An exceptional surge in activity, with spot trading volume increasing by about 595% in a single day to $319.5 million, encouraged the advance. The momentum was accelerated by derivatives markets, as open interest rose 76% to $113.1 million and futures traffic grew 728% to $607.9 million, indicating that traders are adding to their positions rather than reducing their current ones.
Wormhole’s W 2.0: New Reserve System and Revenue-Backed Dividends
The Wormhole team presented the “W 2.0” update as a new chapter for W in a blog post published on September 17. The creation of the Wormhole Reserve, a pool where protocol income and ecological value will build up, is a key component. By reinforcing the token’s connection to network expansion, this technique will reduce the amount of liquid supply in circulation. The setting of a goal base yield of 4% for governance stakeholders is another significant modification. Unlike inflation-based approaches, Wormhole plans to finance this dividend using the current token supply and protocol revenue.
W Token Eyes Bullish Continuation as EMAs Signal Uptrend
W is testing resistance in the $0.11–0.112 level on the chart after breaking to the top of a recent range. Shorter supports are located close to the lower Bollinger Band area at $0.07 and just over the 20-day SMA at $0.09. The short-term trend remains bullish because the 10, 20, 30, and 50 EMAs are all trending upward and trading below the price.
Indicators of momentum are extended but not severe. The relative strength indicator is showing strength just over 70, but it is starting to enter overbought territory. The Ultimate Oscillator is supportive, while both Momentum and the MACD have bullish readings. In the past, pullbacks following strong runs have been anticipated by high commodities channel index values.
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