In the cryptocurrency world, each new altcoin may have various potentials to attract investors’ attention when it is launched. The evaluation and analysis of these potentials generally falls to crypto analysts. In this context, crypto analyst Altcoin Sherpa claimed that Wormhole (W), a recently launched altcoin, has great potential and could achieve significant gains within weeks.
Sherpa’s to the analysis According to , factors supporting Wormhole’s appreciation include a recent airdrop and listing on several exchanges. Airdrops can often be a big draw for the cryptocurrency community, which can increase demand. Additionally, listing on several exchanges increases accessibility for the altcoin and can attract more investors.
When evaluating Wormhole’s price performance, Sherpa also considers potential sales from airdrop recipients and how those sales may affect the price. However, he predicts that such selling pressure may be temporary and Wormhole’s price will continue to rise in the long run. According to the analyst, a factor that further increases Wormhole’s potential is that the project has strong market maker connections such as Jump Trading Group. Such connections can increase liquidity and contribute to a more stable rise in price.
Besides, according to Altcoin Sherpa’s analysis, Wormhole’s price may be similar to Jupiter (JUP), which was launched in January and follows a similar price pattern. This can be a guide that can be used to give investors an idea. However, Sherpa thinks that Wormhole will not create as much sales pressure as JUP, but emphasizes that this situation should be observed.
“Maybe you can use JUP as a kind of guide. I don’t think W will create as much sales pressure as JUP in the early days, but we’ll see. “I think if you buy it and hold it for a few weeks, the price will probably increase several times (depending on BTC of course).”
NEWS CONTINUES BELOW
The analyst then claimed that Solana (SOL) was in a correction and could drop 20% from current value.
“LEFT: Buy from $160 to $140 and be glad you were able to enter these levels.”
The analyst also thinks that many other altcoins are also undergoing corrections, including Celestia (TIA), a decentralized network that allows anyone to deploy their own blockchain easily and at minimal cost. However, he believes that TIA may recover soon once the market finds its bottom. Moreover, the chart below suggests that TIA could drop to the $10 range before rebounding.
A lot of alts looking kind of sketchy and have looked sketchy for weeks now. Stuff like $BLUR oath $TIA are at key levels but wouldn’t be surprised to see even lower.
The plan remains, though: Check some alts that you like and just in DCA. I still think there’s a lot of upside… pic.twitter.com/iFUan2BalA
— Altcoin Sherpa (@AltcoinSherpa) April 5, 2024
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