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Wormhole (W) has seen a dramatic spike in trading volume, reaching $500 million following its debut on the major South Korean exchange Upbit. The listing came amid an unfavorable market condition that saw liquidated million in the last 24 hours.
Despite that, the development generated significant market excitement, driving a surge in Wormhole’s price. This analysis examines the impact of the listing and what traders can expect as Wormhole gains traction in the market.
Asia Support for Wormhole Drives Massive Volume
At press time, Wormhole’s price is $0.37, representing a 25% increase in the last 24 hours. This surge was the result of Upbit’s decision to list the token, which is the native cryptocurrency of the multi-chain interoperability network.
According to Upbit’s announcement, W will be paired with the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Before the disclosure, Wormhole’s volume was less than $100 million. However, as of this writing, it has hit $550 million.
This incredible rise in volume indicates the Asian region, particularly the South Korean market, bought W as soon as it was listed on Upbit. From a trading perspective, this surge, alongside the price increase, is a bullish sign.
Thus, if Wormhole’s price continues to climb and the volume does the same, then the price could trade much higher than $0.37. Besides that, on-chain data from Santiment revealed that the sentiment around the project has turned notably bullish.
The image below shows the surge using the weighted sentiment metric. This incredible rise implies a significant dominance of positive comments about W on several social media platforms. If sustained, W’s price could surpass $0.37, as initially stated.
W Price Prediction: Rally Not Done
Wormhole’s price touched an all-time low of $0.16 on August 5, four months after the April Wormhole airdrop. Weeks later, the altcoin reached $0.26, but again, Wormhole’s price decreased until September 18.
It was at this point that the W token broke out of the descending triangle. Over the last three weeks, W’s value has increased by over 90%. A look at the Chaikin Money Flow (CMF), which measures accumulation and distribution, shows an increase.
A decrease in the CMF implies distribution and price might decrease. But since it is the other way around, it means that buying pressure outweighs whatever sellers are doing.
Should this continue, Wormhole’s price could jump toward $0.45 and possibly $0.52 in the short term. On the other hand, the altcoin’s price might revert if distribution takes over. If that happens, W’s value could drop to $0.29.