Worldcoin's WLD token jumped 12% in a single trading session, with Binance recording $307 million in spot volume. But the move wasn't driven by fresh buying interest — it looks like a textbook short squeeze.
What the data shows
Open interest for WLD dropped 20% during the same period, a classic sign that short sellers were forced to cover their positions. When shorts buy back to exit, the price spikes even as overall leveraged exposure shrinks. That's the opposite of organic accumulation, where rising open interest typically accompanies a price increase.
Rejection at a key level
The rally stalled at $0.70, a level that has acted as resistance before. The failure to break through suggests the squeeze may have run its course. Without new demand, the token could drift lower.
Traders are now watching for a potential retest of $0.60 before any real breakout can develop. If support at that level holds, it could set the stage for a more sustained move. If it doesn't, the short squeeze will look like a one-day event.
