$WCT

fell 3.5% over the past 24h, underperforming the broader crypto market (-0.98%). Key drivers include profit-taking after recent exchange integrations, concerns about token unlocks, and bearish technical signals.

Profit-taking post-Binance integration – Recent Solana network support on Binance triggered a rally, but traders are now cashing out.

Token unlock overhang – 81% of WCT’s 1B supply remains locked, raising dilution fears.

Technical weakness – RSI (38.54) and MACD signal bearish momentum.

Deep Dive @WalletConnect #WalletConnect

1. Post-Integration Profit-Taking (Bearish Impact)

Overview: WCT surged 276% in May-June 2025 after Binance integrated Solana-based transfers (Binance), but prices have since retreated 46% from their $1.30 peak. The 24h trading volume of $29.5M (+19%) suggests active selling.

What this means: Early buyers are likely securing gains after the Solana expansion hype, creating downward pressure. Historical patterns show altcoins often correct sharply after exchange listing rallies.

2. Token Supply Concerns (Bearish Impact)

Overview: Only 186.2M WCT (18.6% of max supply) are circulating, with 81% still locked. Team and investor allocations (37% of supply) start unlocking in late 2025 (WalletConnect docs).

What this means: Anticipation of future supply increases weighs on sentiment. Fully diluted valuation ($540M) is 10x higher than current market cap ($54M), creating psychological resistance.

What to watch: Governance proposals about unlock schedules and staking rewards (currently up to 22% APY).

3. Technical Downtrend Confirmation (Bearish Impact)

Overview: WCT trades below all key moving averages (7-day SMA: $0.3024, 30-day SMA: $0.336). The RSI at 38.54 signals bearish momentum, while the MACD histogram (-0.00617) shows weakening buying pressure.

What this means: Traders are exiting positions as the token tests Fibonacci support at $0.2827. A break below this level could trigger further declines toward the April low of $0.20.