At press time, W was trading at $0.109, up 21% over the past week and 40% over the last month. The surge was fueled by a remarkable spike in activity, with spot trading volume soaring nearly 595% in 24 hours to $319.5 million.
Derivatives markets intensified the momentum, as futures volume jumped 728% to $607.9 million, while open interest rose 76% to $113.1 million, indicating traders are opening new positions rather than closing existing ones.
Wormhole Tokenomics Overhaul
In a Sept. 17 blog post, the Wormhole team unveiled the “W 2.0” upgrade, positioning it as a new chapter for W. A key feature is the Wormhole Reserve, a pool that accumulates protocol revenues and ecosystem value. This is expected to reduce liquid supply in circulation while strengthening the token’s connection to network growth.
Another notable change introduces a target base yield of 4% for governance stakeholders, financed through protocol revenue and the existing token supply instead of inflationary models. The distribution framework has also shifted: annual cliff unlocks are replaced with bi-weekly releases starting in October. The package aims to ease supply pressure, better align incentives for contributors and validators, and provide a steady income signal for active participants.
Wormhole Price Technical Analysis
W has broken to the top of a recent range, testing resistance near $0.11–$0.112. Shorter-term support levels sit around $0.09, slightly above the 20-day SMA, and $0.07, near the lower Bollinger Band. The 10-, 20-, 30-, and 50-day EMAs are all trending upward and remain below the current price, keeping the near-term outlook bullish.
Momentum indicators, while not extreme, are showing signs of extension. The RSI sits just above 70, indicating strength but edging into overbought territory. Both the MACD and momentum readings remain positive, and the Ultimate Oscillator continues to offer support. Meanwhile, the Commodity Channel Index is elevated, a pattern that has historically preceded pullbacks following sharp rallies.
If W sustains above $0.10 and breaks through $0.112 with strong volume, it could pave the way toward $0.13 and potentially $0.15, as traders factor in reserve accumulation and ongoing yield mechanisms. Conversely, a drop below $0.09 could trigger a swift decline toward $0.07, driven by the liquidation of leveraged long positions.
