Wormhole (W) has experienced a significant increase in trading volume after being listed on South Korean exchange Upbit. The listing occurred during a challenging market period that saw millions liquidated within 24 hours. Nonetheless, the announcement generated excitement among traders, resulting in a surge in Wormhole’s price.
Currently valued at $0.37, Wormhole’s price has risen by 25% in the past 24 hours. The decision by Upbit to list the token, which serves as the native cryptocurrency of the multi-chain interoperability network, has contributed to this surge. Upbit announced that W will be paired with the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT), leading to a significant increase in trading volume from under $100 million to $550 million at the time of writing.
The notable rise in volume suggests that the Asian market, particularly South Korea, made substantial purchases of W as soon as it was listed on Upbit. From a trading perspective, this surge in volume, coupled with the price increase, indicates a bullish sign for Wormhole.
Additionally, on-chain data from Santiment reveals a notable shift in sentiment around the project, with a majority of positive comments being dominant on various social media platforms. If this positive sentiment and trading activity continue, Wormhole’s price could surpass $0.37.
Looking at the price history, Wormhole had reached an all-time low of $0.16 on August 5, a few months after the April Wormhole airdrop. However, the altcoin experienced a rally and reached $0.26 before declining again until September 18. It was at this point that the W token broke out of the descending triangle.
Over the past three weeks, Wormhole’s value has increased by over 90%, as indicated by the Chaikin Money Flow (CMF), which measures accumulation and distribution. The increase in CMF suggests a greater buying pressure than selling pressure.
If this trend continues, Wormhole’s price could potentially reach $0.45 and even $0.52 in the short term. However, if distribution takes over, the altcoin’s value may revert, potentially dropping to $0.29.