Trust Wallet Token (TWT) soared nearly 30% in the past 24 hours, reaching $1.26 before slipping back near $1.16. The sudden rally was widely linked to Binance Co-Founder Changpeng “CZ” Zhao’s latest X post, but technical charts show the move was already set in motion before social media hype kicked in.
On the 2-day chart, TWT had been forming an inverse head-and-shoulders pattern. a classic bullish setup. Once the breakout triggered, prices rushed again toward the projected target of $1.17. CZ’s quote on X helped accelerate the push, but once the target was met, traders quickly booked profits.
CZ wrote on X, “TWT token started as an experiment. The FDV got too high quickly. They burned 99% of the supply, but didn’t have too many use cases for it. Now that’s expanding.” His post fueled attention, but the breakout was already primed technically.
Profit-taking wave signals caution
After the spike, profit-taking hit hard. According to Coinglass, exchange net flows flipped from 177,980 TWT on September 17 to +2.84 million just two days later, a massive 1,600% jump. This shows holders rushed to send tokens onto exchanges to lock in gains.
According to data from Santiment, whales also participated in the sell-off. Wallets holding 10 million–100 million TWT trimmed their holdings by over $8 million in September, adding to the selling pressure.
Can TWT hold $1.00?
Despite the short-term excitement there, the long-term indicators are wary. Since late 2024, TWT has shown hidden bearish divergence, suggesting momentum isn’t strong enough to break its broader downtrend.
Key support sits at $1.00, then $0.84 and $0.71. On the upside, only a daily close above $1.42 and ideally $1.63 could shift sentiment bullish again. For now, the rally looks like a breakout target achieved and followed by heavy profit-taking, not yet a sustainable trend.
Also Read: BNB Jumps as Changpeng Zhao Hints at Binance Comeback
