Most of these situations can be resolved with a lot of water changes. If it has anything at all to do with the overstocking, water changes will help. If it's an outbreak of columnaris, you'll need meds. But since you already know you're overstocked and have still avoided telling us how much ammonia is in your tank, start doing a 20% water change every day until you get some more solid clues as to what's wrong.
Are any of the guppies showing signs of stress like clamped fins, fuzzy spots, red gills, acting "clumsy" and such? Are they gathered at the surface to breathe? Do you use dechlorinator?
This. What kind of filter is on their tank and what is their current temperature?Adding them over a few weeks would give the bio time to adjust.. What were the readings above? 0 Ammonia, 0 NitrIte, + NitrAtes? And are those results from today?
If the tank is still cycled fine, then it might just be stress or unhealthy fish. I'd still add the C2 now just to get some added filtration started up
Are any of the guppies showing signs of stress like clamped fins, fuzzy spots, red gills, acting "clumsy" and such? Are they gathered at the surface to breathe? Do you use dechlorinator?