Sherpa

<div class="dailyhodl">
 <p>A closely followed crypto strategist is updating his outlook on one red-hot altcoin amid a crypto market correction.</p>
 <p>Pseudonymous analyst Altcoin Sherpa tells his 215,800 followers on the social media platform X that he is long-term bullish on Ondo Finance (ONDO), a project focused on tokenizing real-world assets (RWAs).</p>
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 <p><em>“ONDO: still one of the best-performing coins and has held up the best. Still also the leader in RWA right now. I think that this looks strong. Not a great active trade though. Better to just buy and hold for now.”</em></p>
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GMp2EQIXUAAIPy2?format=png&amp;name=medium" alt="Image" width="1200" height="681">
  <figcaption class="wp-caption-text">
   Source: Altcoin Sherpa/X
  </figcaption>
 </figure>
 <p>ONDO is trading for $0.839 at time of writing, up more than 920% from its low of $0.082 this year on January 18th.</p>
 <p>Next up, the trader predicts that layer-1 smart contract platform Sui (SUI) will turn bearish due to an upcoming token unlock. The next unlock for SUI is in late May when the crypto project plans to distribute 999.23 million tokens among five stakeholders.</p>
 <p>Unlocks are often perceived as bearish given the new sellable supply.</p>
 <p>Says Altcoin Sherpa,</p>
 <p><em>“Doesn’t matter how good/strong a coin is from a tech perspective. SUI will nuke to Hades once investors start getting their tokens. This thing will have exit pumps though so you can probably buy green box, wait for it to mini-pump, then short it.”</em></p>
 <figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GMp2pBHXEAA2YVo?format=png&amp;name=4096x4096" alt="Image" width="2131" height="1209">
  <figcaption class="wp-caption-text">
   Source: Altcoin Sherpa/X
  </figcaption>
 </figure>
 <p>SUI is trading for $1.11 at time of writing, down more than 2% in the last 24 hours.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/trader-updates-outlook-on-altcoin-that-s-exploded-over-900-year-to-date-maps-path-forward-for-solana-rival-sui-tbt87450.html">https://thebittimes.com/trader-updates-outlook-on-altcoin-that-s-exploded-over-900-year-to-date-maps-path-forward-for-solana-rival-sui-tbt87450.html</a></p>

Trader Updates Outlook on Altcoin That’s Exploded Over 900% Year-to-Date, Maps Path Forward for Solana Rival Sui

TheBitTimes

Other articles published on May 4, 2024

Analyst Says Bitcoin Price Is Headed To $90,000, Here’s Why

Experts Caution: Avoid Trading with GAL Coin and These Two Others Next Week!

Potential Reversal on the Horizon for Bitcoin (BTC), Latest Indicator Analysis Reveals

Ethereum’s Price Trends Towards Recovery

Dogecoin (DOGE) Price Skyrockets 13% Amid Epic Network Activity Surge

XRP Surged Amid Increased Activity In The Ongoing Case Between the SEC and Ripple

Join our free newsletter for daily crypto updates!