Wormhole Price Jumps 15% As W Token Goes Live on Multiple Blockchains
Highlights
- Wormhole Introiduces W token to Native Token Transfers (NTT) making it a multi-chain asset.
- It lays the groundwork for innovative features like MultiGov governance system.
- Traders are closely monitoring key resistance and support levels, with a potential breach of $0.6700.
In the last 24 hours, altcoin Wormhole (W) has rallied by a staggering 15.94% to $0.6199 with its market cap crossing $1 billion. This helps Wormhole occupy a spot among the top 70 cryptocurrencies by market cap. The recent thrust in the Wormhole price comes as the W token gets a multi-chain functionality.
Wormhole Becomes A Multi-Chain Asset
W’s recent price surge is due to Wormhole’s announcement of Native Token Transfers (NTT) for the W token, rendering it natively multichain across platforms like Solana, Ethereum, Arbitrum, Optimism, and Base.
This enhancement broadens W’s functionality, offering seamless transferability across diverse blockchain ecosystems, fostering more efficient usage and accessibility for users and developers alike, while laying the groundwork for innovative features like MultiGov, a multichain governance system, and W staking for governance, marking a significant milestone in Wormhole’s development roadmap.
The introduction of NTT is in line with Wormhole’s roadmap, showcasing its dedication to establishing a secure, decentralized, and user-friendly environment for blockchain interoperability. With ongoing advancements and inventive governance structures, W’s future appears bright, poised for greater adoption and value generation.
W Price Action
Over the past 24 hours, W’s trading volume surged by 181.75%, reaching $295,402,125, securing its spot at 27th on the volume rankings. Despite impressive price movements, 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, reached on April 3, 2024.
If Wormhole manages to breach the $0.6700 resistance within the next 48 hours, traders may consider entering long positions, anticipating an exit from the consolidation channel. Such a surge in buying pressure could propel W into a price discovery phase, possibly aiming for the $0.9193 level in the short term.
Conversely, a decline below the $0.5058 support in the next 24 hours could negate the bullish outlook. In this scenario, W’s price might face correction towards $0.4169 before potentially dropping further.
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