Two altcoins have stolen the spotlight this week: Worldcoin (WLD) and Hyperliquid (HYPE). According to CoinGecko data, both tokens gained nearly 35% over the past seven days, outperforming most of the crypto market. With bullish technicals, rising open interest, and on-chain momentum, WLD and HYPE could be poised to extend their rallies into next week.
Let’s explore what’s behind the explosive gains and whether the momentum can continue.
Worldcoin (WLD): Seven Weeks of Green
Worldcoin has been on a seven-week winning streak, climbing nearly 35% this week alone and posting another 2% daily gain as of Friday. The rally appears driven by renewed confidence in the project’s decentralized identity framework World ID and a major $135 million direct token sale to early backers a16z crypto and Bain Capital Crypto.
Technical Indicators:
- Weekly RSI is above 50, signaling positive momentum.
- MACD on the weekly and daily charts flashes green, suggesting bullish continuation.
- Resistance at $2 is the next key level.
- Short-term support lies at $0.914, while daily resistance looms at $1.641.
On-Chain Insights:
Worldcoin’s realized loss metrics show potential capitulation from retail investors earlier in the year. This trend often precedes price recoveries. Meanwhile, whale transaction counts have increased, indicating large investors are still active, but selling pressure remains low.
Derivatives Data:
- Open interest (OI) surged 50% in 24 hours, signaling growing trader interest.
- Over $7 million in liquidations, with short positions dominating.
- However, the long/short ratio is under 1, suggesting trader sentiment is mixed. Caution is warranted for new buyers.
Hyperliquid (HYPE): Backed by Whales and Buzz
Hyperliquid isn’t far behind. The HYPE token surged nearly 35% this week and is up 7% on the day, trading just 13% below a critical resistance level at $40. A flip of this resistance could open the door for a retest of the 2024 high at $42.25.
Technical Indicators:
- Daily RSI hit 83 and is still climbing strong bullish momentum.
- MACD shows green histograms above the zero line, reinforcing the uptrend.
- Support lies at $32 in case of a correction.
On-Chain Trends:
HYPE saw a noticeable uptick in trade volume, social dominance, and weighted sentiment across platforms. While this week’s spike doesn’t match the one seen in March, it reinforces growing interest in the project.
Catalysts:
- Arthur Hayes, co-founder of Maelstrom and former BitMEX CEO, publicly supported HYPE.
- $23M liquidation of a short position earlier this week helped squeeze prices higher.
- Tether’s zero-fee stablecoin transfer integration with Hyperliquid further improves its DeFi infrastructure.
- Additional listings and ecosystem bridges continue expanding HYPE’s network effect.
Derivatives Market:
- Open interest reached $1.16 billion, the highest since December 2024.
- The long/short ratio is over 1, indicating strong bullish sentiment.
- Most liquidations were short positions, fueling the current price rally.
Looking Ahead: Can the Momentum Hold?
With bullish momentum, increasing open interest, and strong on-chain signals, both WLD and HYPE show potential for further upside. However, traders should stay mindful of:
- Overbought RSI levels
- High leverage in derivatives markets
- Broader market volatility or corrections
The current rally is being driven not only by technical patterns but also by real-world catalysts: strategic funding deals, influential endorsements, infrastructure upgrades, and token utility expansion.
Worldcoin and Hyperliquid have emerged as the top-performing cryptocurrencies this week, backed by strong fundamentals and technical indicators. While the bullish momentum may continue, prudent investors should monitor key resistance levels and market-wide signals before jumping in.
Disclosure: This article is for informational purposes only and does not constitute investment advice. Always do your own research before investing in any cryptocurrency.
