Traore ran down the right wing before firing home to secure his side's first victory since mid-February on Saturday (AEST).
Wolves striker Willian Jose had earlier been denied his first goal for the club when his header in first-half stoppage-time was ruled out for offside by Daniel Podence after a VAR (video assistant referee) review.
Fulham has lost its past four league games with its most recent win a stunning victory over champion Liverpool at Anfield on 8 March (AEDT).
Fulham remains third from bottom, three points behind Newcastle United, which has played two games fewer.
Wolves are 12th and seemingly safe in the Premier League for another season.