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.
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Generated Image: Midjourney