Wormhole Over the last 24 hours, its market capitalization has surpassed $1 billion, rising a staggering 15.94% to $0.6199. This allowed Wormhole to rank among the top 70 cryptocurrencies by market cap. The recent increase in Wormhole price occurred as the W token gained multi-chain functionality.
Wormhole Becomes a Multi-Chain Entity
W’s recent price increase is due to Wormhole announcing Native Token Transfers (NTT) for the W token, making it native multi-chain on platforms like Solana, Ethereum, Arbitrum, Optimism, and Base.
This development expands the functionality of W, offering seamless transferability between different blockchain ecosystems, promoting more efficient use and accessibility for both users and developers, while laying the groundwork for innovative features such as MultiGov, a multi-chain governance system, and W staking for governance Wormhole It marks an important milestone in ‘s development roadmap.
The introduction of NTT is in line with Wormhole’s roadmap and demonstrates its commitment to creating a secure, decentralized and user-friendly environment for blockchain interoperability. With ongoing developments and creative governance structures, W’s future looks bright, poised for greater adoption and value creation.
W Price Movement
Over the past 24 hours, W’s trading volume increased by 181.75%, reaching $295,402,125 and maintaining its 27th place in the volume rankings. Despite impressive price movements ranging from a low of $0.5259 to a high of $0.672, W remains 61.53% below its all-time high of $1.61 reached on April 3, 2024.
If Wormhole manages to surpass the $0.6700 resistance in the next 48 hours, traders can consider entering long positions, waiting for a breakout from the consolidation channel. Such an increase in buying pressure could push W into a price discovery phase, possibly targeting the $0.9193 level in the short term.
Conversely, a break below the $0.5058 support in the next 24 hours could negate the bullish outlook. In this scenario, W’s price could potentially face a correction towards $0.4169 before declining further.
