An acclaimed crypto strategist is revising his perspective on a popular altcoin in the midst of a market correction in the crypto industry.
Altcoin Sherpa, a pseudonymous analyst with a substantial following of 215,800 on the social media platform X, expresses his long-term optimism for Ondo Finance (ONDO), a project that focuses on tokenizing real-world assets (RWAs).
According to Altcoin Sherpa, ONDO remains one of the top-performing coins and has demonstrated remarkable resilience. It is currently the leading project in the RWA sector. He believes that ONDO’s performance is strong and advises investors to buy and hold the coin for now, rather than engage in active trading.
At the time of writing, ONDO is trading at $0.839, a significant increase of over 920% from its lowest point of $0.082 earlier this year on January 18th.
Altcoin Sherpa goes on to predict that Sui (SUI), a layer-1 smart contract platform, will experience a bearish trend due to an upcoming token unlock. In late May, the crypto project plans to distribute 999.23 million tokens among five stakeholders. Historically, token unlocks are viewed as bearish because they introduce a new supply of tokens available for sale.
Altcoin Sherpa states that regardless of a coin’s technical capabilities, SUI’s value will plummet once investors begin receiving their tokens. However, he notes that there may be temporary price increases during exit pumps, which could present an opportunity for traders to buy at a lower price and then short the coin.
Currently, SUI is trading at $1.11, experiencing a decline of over 2% in the last 24 hours.
It is important to note that the opinions expressed by Altcoin Sherpa are not investment advice. Investors are advised to conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are undertaken at the individual’s own risk, and any losses incurred are their responsibility.
The Daily Hodl, where this information was sourced, does not promote the buying or selling of cryptocurrencies or digital assets, nor do they provide investment advice. The platform also participates in affiliate marketing.
