Wormhole (W) has surged dramatically by 15.94% to $0.6199 over the past day, crossing $1 billion in market capitalization. This surge places Wormhole among the top 70 cryptocurrencies by market cap. Moreover, the recent rise in Wormhole’s price coincides with the launch of the W token on multiple blockchains.
Wormhole Adopts Multi-Chain Functionality
W’s recent price increase stems from Wormhole’s announcement of Native Token Transfers (NTT) for the W token, making it natively multi-chain across platforms like Solana, Ethereum, Arbitrum, Optimism, and Base.
This upgrade expands W’s functionality, enabling seamless transfers across various blockchain ecosystems, promoting more efficient utilization and accessibility for users and developers. Meanwhile, It also sets the stage for innovative features such as MultiGov, a multi-chain governance system, and W staking for governance, representing a significant achievement in Wormhole’s development journey.
The introduction of NTT aligns with Wormhole’s roadmap, demonstrating its commitment to establishing a secure, decentralized, and user-friendly environment for blockchain interoperability. However, with ongoing advancements and creative governance structures, W’s future looks promising, poised for increased adoption and value creation.
(W) Price Movement
The Wormhole token (W)s trading volume surged by 181.75% in the last 24 hours, reaching $295,402,125, placing it 27th in volume rankings. In addition, despite notable price swings, ranging from a low of $0.5259 to a high of $0.672, W remains 61.53% below its all-time high of $1.61, recorded on April 3, 2024.
If Wormhole breaches the $0.6700 resistance in the next 48 hours, traders might consider initiating long positions, anticipating a breakout from the consolidation channel. Moreover, such increased buying pressure could propel W into a price discovery phase, potentially targeting the $0.9193 level in the short term.
Alternatively, a drop below the $0.5058 support within the next 24 hours could invalidate the bullish outlook, leading to a potential correction towards $0.4169 and potentially lower levels.
