Worldcoin price jumped sharply over the past 24 hours, climbing nearly 12% and bringing the token back into focus after weeks of muted performance.

According to data from crypto.news, Worldcoin (WLD) staged a strong intraday rebound but still trades significantly below its levels at the start of the year. The recent move comes without a clear catalyst, suggesting that the rally may be driven more by positioning rather than sustained demand.

Is derivatives activity driving the rally?

Data points to derivatives markets as the main driver behind the latest upside. Perpetual futures saw inflows of $78.5 million in a single day, accounting for over 30% of total open interest, which stood at $253.4 million at press time. Such a large share flowing into leveraged products signals that traders are taking aggressive directional bets.

This view is reinforced by OI-weighted funding rates, which climbed to 0.0153% and are among the highest levels recorded this year. The elevated rate indicates that long traders are paying a premium to maintain their positions, a sign of strong bullish bias in the short term.

However, activity in the spot market tells a more cautious story. Data shows net outflows of $1.49 million since April 12, following a $1.58 million sell-off in the prior week. These back-to-back outflows suggest that spot participants have continued to reduce exposure despite the recent price jump.

There are early signs of stabilization in the short term. Over the past 24 hours, WLD recorded modest net inflows of $47,000, indicating that some buyers are beginning to step in at current levels.

At the same time, sentiment across the market remains heavily skewed toward further upside. Around 76% of more than 118,000 tracked participants are positioned for gains.

While sentiment alone does not move prices, it can amplify short-term trends, especially when paired with leveraged activity.

Liquidity structure favors downside

Despite the bullish positioning, liquidity data suggests the current structure may be fragile. Liquidation heatmaps show a higher concentration of liquidity clusters below the current price. These zones, often made up of unfilled orders, tend to act as magnets for price movement.

As a result, the imbalance between downside and upside liquidity points to a higher probability of a pullback, with the $0.31 level emerging as a key area of interest.

For now, Worldcoin’s rally appears largely driven by derivatives momentum rather than strong spot demand. Unless sustained buying returns in the spot market, the current move may struggle to hold in the near term.