When the price surge in cryptocurrencies resumes, all attention turns to analysts. Their analyses and comments provide investors in the market with a fresh perspective. In the midst of this, a cryptocurrency analyst has made significant remarks about certain altcoins during the correction and rising wave in the crypto market.
The Analyst’s Approach to RWA Coin
Altcoin Sherpa, a well-known analyst in the market, has made a noteworthy statement on the social media platform X to his numerous followers. In his statement, he expressed a bullish long-term expectation for Ondo Finance (ONDO), a project that focuses on tokenizing real-world assets (RWAs).
As of the time of writing, ONDO has experienced a 0.22% increase in the last 24 hours, with a trading price of $0.82. This price level represents a staggering 920% increase from its lowest point on January 18, 2024, at $0.082.
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ONDO’s market capitalization has surpassed $1.139 billion, while the 24-hour trading volume has dropped to $120 million after a 26% decrease. This decline could be interpreted as a waning interest from investors.
Which Altcoin Did the Analyst Highlight?
On the other hand, Altcoin Sherpa pointed out that the layer-1 smart contract platform Sui (SUI) could face a price decrease due to an upcoming token unlock. In the next unlock for SUI, 999.23 million tokens will be distributed among five different groups, and this process will take place at the end of May.
Token unlocks often bring about uncertainty in the market. Typically, such situations are seen as a sign of an upcoming downturn, considering the new supply of tokens that can be sold and enter the market.
Altcoin Sherpa commented on the matter as follows:
In the price review for SUI, it was observed that the price had dropped more than 2% in the last 24 hours, and as of the time of writing, it was attracting buyers at $1.08.
Disclaimer:
The information provided in this article should not be considered investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and they should conduct their own research.
