When the price surge in cryptocurrencies resumes, analysts become the center of attention. Their insights and comments offer investors in the market a fresh perspective. Amidst this, a cryptocurrency analyst has made significant comments about certain altcoins during the correction and upward trend in the crypto market.
The Analyst’s Perspective on RWA Coin
Renowned analyst Altcoin Sherpa took to the social media platform X to make an impactful statement 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 now, ONDO has experienced a 0.22% increase in the past 24 hours and is trading at $0.82. This price level signifies a staggering 920% increase from its lowest point on January 18, 2024, when it was valued at $0.082.
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ONDO’s market capitalization has surpassed $1.139 billion, while the 24-hour trading volume has decreased by 26% to $120 million. This decline could be interpreted as a waning interest among investors.
Which Altcoin Caught the Analyst’s Attention?
On the other hand, Altcoin Sherpa highlighted that the layer-1 smart contract platform Sui (SUI) could potentially face a price drop due to an upcoming token unlock. In the upcoming unlock for SUI, a total of 999.23 million tokens will be distributed among five different groups, and this process will take place at the end of May.
Token unlocks typically bring about uncertainties in the market. These situations are often seen as a signal of a downturn since they introduce a new supply of sellable tokens into the market.
Altcoin Sherpa commented on the matter as follows:
During the price review of SUI, it was observed that the price had declined by over 2% in the past 24 hours, and as of now, it is attracting buyers at $1.08.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry a significant level of risk. It is advisable to conduct thorough research before making any investment decisions.
