Wormhole (W) has had a substantial price surge, according to market data and analysis from Coinpedia Markets. The crypto’s value has increased substantially over the past month, breaking out from its major support level and showing bullish indicators on technical charts.
The Wormhole token growth in recent weeks has been visible. Data from CoinGecko at publication reveals that W trades at $0.3703, representing a 20.57% increase in the last day and a 45.19% rise over the past week. This uptrend has helped Wormhole’s market value to grow rather substantially.
From $513 M to $964 M, W’s market capitalization has almost doubled in the previous month according to Coinpedia Markets. This fast rise shows more investor interest and more trading activity around the token..
$W monthly chart looks bullish! #W just broke out from its major support at $0.2509, currently trading at $0.374. #Wormhole has surged 85% in past month with market cap rising from $513M to $964M.Technical AnalysisFirst, looking at the SMA, the 5-day and 20-day moving… pic.twitter.com/E95mZEtB5R
— Coinpedia Markets (@MarketCoinpedia) October 2, 2024
Technical Analysis Insights
Technical indicators suggest a positive outlook for Wormhole’s price movement. Coinpedia Markets noted a bullish crossover between the 5 and 20 day SMAs, indicating strong short-term momentum. However, the RSI is around 73, suggesting the token may be in overbought territory.
Analysts are watching key resistance levels for potential breakout scenarios. If W manages to surpass $0.5575, it could reach its next resistance level at $0.7512 in the coming week.
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What’s Driving W Growth?
Several fundamental factors appear to be contributing to Wormhole’s price appreciation. The token’s listing on South Korea’s largest crypto exchange Upbit, will boost its visibility and accessibility to a wider investor base.
Wormhole has also announced an ambitious roadmap, outlining plans for major upgrades across multiple “eras” of development. The project has already launched Era3, which introduces improvements to user experience, including native-to-native swaps and faster transaction speeds.
Additionally, Wormhole has unveiled plans for EVM to Solana compatibility, enabling native cross-chain swaps in under 10 seconds. These technological advancements and ecosystem expansions are likely driving increased demand for the W token.
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