When cryptocurrencies start to rise in value again, everyone looks to analysts for insights. Their analyses and comments offer a fresh perspective for investors in the market. Amidst this, a cryptocurrency analyst recently made significant remarks about certain altcoins during the correction and upward trend in the crypto market.
The Analyst’s Perspective on RWA Coin
Well-known analyst Altcoin Sherpa made a noteworthy statement on the social media platform X, addressing his thousands of followers. In his statement, he expressed a long-term bullish outlook for Ondo Finance (ONDO), a project focused on tokenizing real-world assets (RWAs).
As of now, ONDO has experienced a 0.22% increase in the past 24 hours, with a trading price of $0.82. This represents 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, although the 24-hour trading volume has decreased by 26% to $120 million. This decline could be interpreted as a waning interest from investors.
Which Altcoin Caught the Analyst’s Attention?
On the other hand, Altcoin Sherpa pointed out that the layer-1 smart contract platform Sui (SUI) might experience a price drop due to an upcoming token unlock. In the next unlock for SUI, a total of 999.23 million tokens will be distributed among five different groups, scheduled to take place at the end of May.
Token unlocks typically bring about uncertainties in the market. Such situations are often seen as a sign of an impending downturn, considering the potential influx of new sellable supply.
Altcoin Sherpa expressed the following thoughts on the matter:
When reviewing the price of SUI, it was observed that the value had dropped by more than 2% in the past 24 hours. As of now, buyers can find it at $1.08.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors must be aware that cryptocurrencies carry a high level of volatility and risk, and should conduct their own thorough research.