Wormhole price jumps 25% after South Korean exchange listing
Wormhole (CRYPTO:W) experienced a 25% surge in price following its listing on the major South Korean exchange Upbit.
The token's price rose to $0.37, with trading volume skyrocketing to $550 million in just 24 hours.
Prior to the listing, Wormhole’s trading volume was below $100 million, but the exchange's support for W, particularly in the Asian market, fueled massive demand.
According to Upbit’s announcement, Wormhole is paired with the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT), contributing to the significant increase in volume.
This substantial trading activity, coupled with a rise in positive sentiment around the token, indicates bullish market conditions for Wormhole.
According to data from Santiment, the project has garnered strong support on social media platforms, further boosting its price potential.
Wormhole’s price initially hit an all-time low of $0.16 in August 2024 but has since rebounded.
Over the past three weeks, W’s value has increased by more than 90%, as market participants continued to buy into the token.
Analysis using the Chaikin Money Flow (CMF) metric indicates that buying pressure is currently outweighing selling activity, suggesting that the price could continue climbing.
If the current momentum holds, analysts predict that Wormhole’s price could reach $0.45 or even $0.52 in the near future.
However, a shift in market dynamics could see the token’s price drop to $0.29 if distribution pressure increases.
Despite this, Wormhole’s recent listing and market response position it for potential short-term gains.
At the time of reporting, the Wormhole price was $0.3439.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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