Wormhole (W), a cross-chain communication protocol, has seen its native token experience a 9.43% price increase in the last 24 hours. The token is currently trading at $0.6794, with a 24-hour low of $0.617 and a high of $0.7157.
What you'll learn 👉
Staking Goes Live, Attracting Investor Interest
One of the primary factors contributing to Wormhole’s price surge is the introduction of $W staking for governance. According to a tweet by the Airdrop Adventure X page, users who stake their $W tokens now may potentially qualify for future Wormhole airdrops, which have already been confirmed by the project. Additionally, staking $W could also make users eligible for the highly anticipated Monad airdrop.
The launch of staking has generated interest among investors, as it not only provides an opportunity to earn rewards but also positions token holders for potential future airdrops.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Technical Analysis Suggests Further Upside Potential
Several prominent analysts have shared their bullish outlook on Wormhole’s price action. Glitch, a well-known analyst, has noted that $W has broken out above range highs, suggesting that the $0.90 level is the next target.
Michaël van de Poppe, another respected analyst, has emphasized the importance of the $0.60 level for Wormhole. As long as the token maintains its position above this crucial support, van de Poppe believes that $W should remain in a stable position.
Read more: FLOKI Meme Coin Price Surge Not Over Despite 10% Decline from All-Time High: Here’s Why
Waltzcson, an analyst focusing on the daily chart, is hoping for a valid CHoCH (Cup Handle on Cup Handle) pattern to form in the next few hours or days. If this bullish pattern materializes, Waltzcson expects Wormhole to quickly reach the $0.850 level.
However, the analyst also notes that $W is currently facing resistance and that the market’s reaction to this level will be critical in determining the token’s short-term trajectory.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
