dailyhodl.com
A widely followed crypto strategist believes that one newly launched altcoin could see gains of multiples within weeks.
Pseudonymous analyst Altcoin Sherpa tells his 213,900 followers on the social media platform X that cross-chain messaging protocol Wormhole (W) could head much higher after a recent airdrop of tokens and a listing on several exchanges.
“W: long Wormhole for financial freedom. Wait for the air-droppers to jeet (a sell-off by extremely risk-averse investors at the slightest sign of a downturn) and then this will go much higher. Do you really think that a project that worked very closely with Jump [Trading Group] doesn’t have good market maker (MM) connections?”
W is trading for $0.98 at time of writing, down nearly 9% in the last 24 hours.
The analyst suggests W may follow a similar price pattern as Jupiter ($JUP), the token launched in January by decentralized exchange (DEX) aggregator Jupiter.
“You can maybe use $JUP as some sort of guide. I don’t expect W to have as much sell pressure as $JUP on those early days but let’s see. I do think that if you buy and just hold for a few weeks, price is going to probably be a few multiples up (depending on BTC of course).”
Next up, the trader believes Solana ($SOL) is in a correction and could decline 20% from the current value.
“$SOL: buy from $160 all the way down to $140 and rejoice for being able to get in at these levels.”
Solana is trading for $175 at time of writing, down more than 4% in the last 24 hours.
The analyst also says many other altcoins seem to be undergoing corrections, including Celestia ($TIA), a decentralized network that allows anyone to deploy their own blockchain easily and at a minimal cost.
However, he believes that $TIA could soon rally once finding a market bottom.
“A lot of alts looking kind of sketchy and have looked sketchy for weeks now. Stuff like BLUR and $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 dollar cost average in. I still think there’s a lot of upside for many.”
Looking at his chart, the trader suggests that $TIA may dip to the $10 range before rallying.
$TIA is trading for $11.90 at time of writing, down more than 3% in the last 24 hours.