- WalletConnect’s $WCT plummeted 63% after a 7x rally as whales and early investors triggered a wave of aggressive profit-taking.
- The $0.50 support level is now critical for $WCT as traders brace for either a strong recovery or a deeper slide toward $0.20.
- Despite extreme volatility, $WCT still has solid backing from Binance, Solana, and Optimism, offering long-term ecosystem strength.
WalletConnect’s native token $WCT has crashed over 63% in the last 24 hours. Prices dropped sharply from $1.38 to $0.50. The sharp decline comes after a massive 7x rally that drew speculative interest. Early investors began booking profits at the top. Subsequently, whales followed suit, triggering aggressive selling. Panic soon took over retail traders, adding fuel to the ongoing dump. Over $500 million traded on Upbit alone, highlighting extreme sell pressure. Futures volume also exploded to $3.4 billion as short positions dominated the market.
Key Support Gets Retested Amid Market Panic
Besides the profit-taking, technical breakdowns further accelerated the fall. A crucial support zone at $0.50 was tested again. Historically, this level acted as a strong base for earlier bullish moves. Moreover, multiple touches of this zone previously led to renewed rallies. Hence, many traders now consider $0.50 a make-or-break level. If the price bounces from here, recovery may follow. However, a breakdown below this line could lead to deeper losses toward $0.20.
Source: Crypto Patel
Additionally, no major updates or announcements came from the project to support the hype. The rapid surge appears to have outpaced actual developments. Consequently, the market corrected sharply to align with fundamentals. Despite this drop, $WCT still holds strong backing. It is integrated with key ecosystems like Binance, Solana, and Optimism. These connections may provide a long-term foundation. However, current sentiment remains fragile.
Price Action Mirrors Whales and Retail Behavior
Technical analysis of the WCTUSDT pair on Binance reveals key market patterns. A prior spike took the price to 1.1143 USDT. This represented a 404% increase in a short span. Following this move, price consolidated around the $0.50 mark for weeks. Volume remained steady, indicating balanced supply and demand. Eventually, buyers pushed the price upward again, triggering a breakout above multiple resistance levels.
Later, a second rally surged toward $1.30, showing strong bullish momentum. But the recent sharp drop erased much of those gains. Currently, the price hovers around $0.61 with a slight daily uptick. The structure shows ongoing volatility, suggesting more swings ahead.
