The cryptocurrency market has been on a rollercoaster ride this week. Bitcoin and altcoins, which dropped sharply during the week, largely compensated for their losses over the weekend. Leading crypto Bitcoin made a jump to $64,000 after dropping to $56,000. Some alcoins, such as Dogecoin, increased their earnings. In this atmosphere, an analyst with a large following is updating his view on a red-hot altcoin. Additionally, the analyst shares his expectations for a rival to the leading altcoin Ethereum.
Altcoin Sherpa continues its long-term rise on ONDO!
cryptokoin.comAs you follow from , the action in the crypto market continues to be dazzling. Just when the market crashes, it suddenly takes flight. This pushes investors and traders to be cautious. The analyst, nicknamed Altcoin Sherpa, shared his latest predictions with his followers to give an idea. The analyst is bullish on Ondo Finance (ONDO) long-term. Ondo Finance is a project focused on tokenizing real-world assets (RWAs). The analyst explains his views for ONDO as follows:
ONDO: Still one of the best performing altcoins. Moreover, it survived successfully. Moreover, it is currently a leader in the RWA field. I think this looks powerful. Still, it’s not a very active transaction. For now, it’s better to just buy and hold.
Meanwhile, ONDO is trading at $0.8236 at the time of writing, up more than 920% from this year’s low of $0.082 on January 18. While the token remained horizontal on its daily chart, it increased by 7.6% on its weekly chart.
“When this happens, SUI will nuke Hades!”
The analyst next looks at layer-1 smart contract platform Sui (SUI). Altcoin Sherpa predicts that SUI will decline due to a token un-lock. The next unlock for SUI will happen at the end of May. The crypto project plans to distribute 999.23 million tokens among five stakeholders in this event. Token unlocking is often perceived as bearish given the newly salable supply. In this context, Altcoin Sherpa shares the following assessment:
It doesn’t matter how good/strong a coin is in terms of technology. SUI will nuke Hades once investors start buying their tokens. This thing will have outlet pumps though. So you can probably buy the green box, wait for the mini to pump, and then short it.
Meanwhile, SUI was trading at $1.10 at the time of writing, down more than 2.7% in the last 24 hours. Despite the positive sentiment in the market, the token remains in the red zone. Additionally, SUI saw a 9.1% loss on its weekly chart.
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