Wormhole (W) Surprises the Market with a 25% Price Surge Amid a 414% Transaction Volume Spike

Wormhole (W) squeezed its way up as one of the top performers in the cryptocurrency market today. Despite Bitcoin's (BTC) recent stagnation between $60K and $62K in the past 24 hours, the W token squirmed its way up to a 25% price action.

Wormhole (W) token price rocketed up to 25% in the last 24 hours, making it one of the top performers in the cryptocurrency market on Monday.

Despite Bitcoin’s (BTC) recent stagnation between $60K and $62K in the past day, the W token squirmed its way up to a 25% price action. At the time of writing, BTC was trading within the $61K zone.

Wormhole (W) Performance

The token displayed an impressive 25% climb from a $0.3166 low to a $0.3979 high in the past 24 hours. As of 5:30 AM UTC, it still managed to keep more than 7% of its gain at the $0.34 range.

The W token’s movement came amid a whopping 414% spike in its transaction volume. Along the way, $635 million worth of its token supply moved between crypto wallet addresses. This only shows a significant demand for the digital asset during the period.

Wormhole has a circulating supply of 2.578 billion tokens. Its latest price accumulation brought up the market cap of these assets to $891.48 million. Thanks to this, it has also improved its liquidity, with a high volume/market cap rating of 71.61%.

The crypto asset exhibited sizeable gains during the one-week and one-month periods at around 32% and 65%, respectively. However, it has notably dropped 75% of its value in a span of a year.

At this rate, Wormhole was still down by 78% from its all-time high of $1.61 six months ago. With that said, does it now have what it takes to match or even surpass those numbers?

Buy, Hold, or Sell?

Wormhole leverages from its cross-chain protocol, which was unconditionally approved by Uniswap’s Bridge Assessment Committee’s security experts. Its Allbridge core provides an interchain stableswap for stablecoin transfers between Ethereum Virtual Machine (EVM) and non-EVM chains. Its ecosystem currently offers multichain app support for Base, Pyth, AMD, Cosmos, Backpack, Circle, Solana, and Uniswap.

Besides the hype surrounding the coming altcoin season, the exact nature of the W token’s sudden influx in demand is unclear. However, TradingView’s technical analysis indicates an overall “Buy” signal for the token in its two-hour, four-hour, one-day, and one-week charts.

It’s worth noting that the key moving average (MA) readings show an overall “Strong Buy” recommendation for the crypto asset. However, the one-day Relative Strength Index (RSI) indicator crossing the 70 mark suggests that the token may already be overbought, which could mean a looming correction in the short run.

Traders and investors should weigh their strategy carefully on Wormhole’s token. But then again, its sudden spike in investor interest and spurt in its market cap from around $535 million last month to $891 million today are worth looking at when considering to keep the digital asset on hold for a while.