When the price rise in cryptocurrencies begins again, all eyes turn to analysts. Their analyses and comments provide investors operating in the market with a different perspective. Amidst this, a cryptocurrency analyst made significant remarks about some altcoins during the correction and rising wave in the crypto market.
The Analyst’s Approach to RWA Coin
Well-known in the market, analyst Altcoin Sherpa made a notable statement on social media platform X to his thousands of followers. In his statement, he expressed a long-term bullish expectation for Ondo Finance (ONDO), a project focused on tokenizing real-world assets (RWAs).
ONDO: still one of the best-performing coins and remains strong. It is also currently a leader in the RWA space. I think this looks strong. However, it is not very active in trading. For now, just buying and holding seems better.
As of writing, ONDO has seen a 0.22% increase in the last 24 hours, trading at $0.82. This price level represents a more than 920% increase from its lowest level seen on January 18, 2024, at $0.082.
ONDO’s market cap has exceeded $1.139 billion, while the 24-hour trading volume has fallen to $120 million following a 26% decrease. This drop could be interpreted as a decline in investor interest.
Which Altcoin Did the Analyst Highlight?
On the other hand, Altcoin Sherpa noted that the layer-1 smart contract platform Sui (SUI) could face a price drop due to an upcoming token unlock. In the next unlock for SUI, 999.23 million tokens will be distributed among five different groups, and this process will occur at the end of May.
Token unlocks generally bring many uncertainties to the market. Typically, such situations are seen as a harbinger of a downturn, considering the new sellable supply that could enter the market.
Altcoin Sherpa said the following on the matter:
No matter how good/strong a coin’s technology is, when investors start buying their tokens, SUI will fall to Hades. Still, there will be exit effects, so you might buy the green candle, wait for a mini-rise, and then make your move.
In the price review on the SUI side, it was observed that the price had dropped more than 2% in the last 24 hours, and as of writing, it was finding buyers at $1.08.
