Wormhole (W), the native token of the multi-chain interoperability network, has seen a significant surge in price following its listing on the South Korean exchange Upbit. At the time of writing, the token’s price stands at $0.37, marking a 25% increase in the last 24 hours. The spike in trading volume and market excitement suggests that Wormhole may be on a bullish trajectory, with further price increases potentially on the horizon.
Upbit Listing Fuels Wormhole Surge
The sudden price rally can be attributed to Upbit’s decision to list Wormhole. The token is now available for trading against the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Before this development, Wormhole’s daily trading volume was under $100 million. However, since its listing, the volume has skyrocketed to $550 million, signaling a massive influx of interest from the Asian market, particularly South Korea.
This surge in both price and volume is a strong bullish indicator. Analysts believe that if this momentum continues, Wormhole’s price could rise well beyond its current $0.37 level.
Bullish Sentiment Grows
On-chain data from Santiment backs up the positive market sentiment surrounding Wormhole. The platform’s weighted sentiment metric, which tracks social media mentions, shows a strong uptick in positive commentary. This growing optimism across social platforms could help maintain the upward momentum of W’s price. If sustained, this could push Wormhole to new heights, potentially surpassing its recent peak.
Wormhole’s recent price action paints a compelling picture of its potential growth. After hitting an all-time low of $0.16 in early August, the token has rallied significantly. Over the last three weeks alone, W has increased by 90%, breaking out of a descending triangle pattern.
One key indicator to watch is the Chaikin Money Flow (CMF), which measures the balance between buying and selling pressure. A rising CMF suggests that accumulation is outpacing distribution, a positive sign for traders. Should this trend continue, Wormhole could see its price rise to $0.45 and potentially even $0.52 in the short term.
Also Read: Securitize Teams Up With Wormhole – Tokenization Boost As Wormhole Token Surges 6%!
However, there are risks to consider. If selling pressure intensifies and distribution takes over, Wormhole’s price could retrace to $0.29. Traders should monitor market conditions closely, as shifts in sentiment and trading activity could dictate the token’s next move.
A Bright Future for Wormhole?
Wormhole’s recent listing on Upbit has undoubtedly sparked newfound interest in the token, driving both price and trading volume upward. With bullish sentiment growing and strong technical indicators supporting further growth, Wormhole could continue its upward trajectory. However, the possibility of a price pullback remains if selling pressure increases. For now, the token’s future looks promising, with $0.45 and $0.52 price levels firmly in sight.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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