There have been so many activities around Wormhole’s native token, $W, because of its recent price surge. While many investors have already reaped substantial gains from the token’s journey from $1.6 to its current level of around $1.17, one analyst believes the rally may not be over just yet.
According to CRYPTOSTAGE, the selling pressure on $W appears to have subsided, suggesting a potential reversal could be on the horizon. Despite the token’s recent dip, the analyst expects a bounce back, leaving investors speculating about the next move.
Adding fuel to the bullish sentiment, fabiano.sol, another prominent analyst, shared insights on the upcoming launch of staking for $W. Staking, the process of locking up tokens to participate in a blockchain’s operations and earn rewards, is expected to be introduced in the coming weeks or months. fabiano.sol believes that staking $W could be “one of the most powerful,” further driving demand for the token.
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Show more +Moreover, the analyst provided key holder statistics, indicating that holding 5,354 $W tokens would place an investor in the top 10,000 holders, while 10,677 tokens would secure a position in the top 5,000 holders. These figures highlight the potential scarcity of the token and the potential impact of staking rewards on its value.
fabiano.sol also mentioned the possibility of airdrops for $W holders from several projects, including Monad, Pike, Mayan, Curvance, and Backpack. Airdrops, which involve the free distribution of tokens to incentivize participation and build user bases, have become a popular marketing strategy in the crypto sphere and could further boost the token’s appeal.
Adding to the bullish outlook, Hell Trader, a Solana-focused analyst, shared a technical analysis perspective on $W’s price action. According to the analyst’s chart, the token has “broken cleanly” and is currently in a “rebound zone.” If the rebound is successful and the token stays above a certain trendline, Hell Trader predicts a potential price target of $1.6, representing a significant upside from the current levels.
While the cryptocurrency market is known for its volatility and unpredictability, the confluence of factors such as staking rewards, potential airdrops, and technical analysis signals has fueled optimism among analysts regarding Wormhole’s near-term price trajectory.
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