Altcoins
The trader updates his outlook on Altcoin which has exploded over 900% since the start of the year and charts the path forward for Solana Rival Sui
A closely followed crypto strategist updates his outlook on a red-hot altcoin amid a crypto market correction.
Pseudonymous Altcoin Analyst Sherpa tell his 215,800 followers on social media platformONDO), a project focused on the tokenization of real-world assets (RWA).
“ONDO: still one of the most efficient pieces and the one that has resisted the best. Still a leader in RWA today. I think it looks strong. It’s not a very active business though. Better to just buy and hold for now.
Source: Altcoin Sherpa/X
ONDO is trading at $0.839 at the time of writing, up more than 920% from its low of $0.082 this year on January 18.
Then the trader predicted this layer 1 smart contract platform Sui (ISU) will turn bearish due to the upcoming token unlock. The next SUI unlock will take place at the end of May, when the crypto project plans to distribute 999.23 million tokens among five stakeholders.
Unlocks are often seen as bearish given the new salable supply.
Said Altcoin Sherpa,
“It doesn’t matter how good/strong a part is from a technological point of view. SUI will launch a nuclear attack on Hades once investors start getting their tokens. This thing will have output pumps, so you can probably buy a green box, wait for it to mini-pump, then short it.
Source: Altcoin Sherpa/X
SUI is trading at $1.11 at the time of writing, down more than 2% in the last 24 hours.
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