A closely watched crypto strategist updates his view on a red-hot altcoin amid a crypto market correction.
Pseudonymous analyst Altcoin Sherpa tells his 215,800 followers on social media platform
“ONDO: still one of the best performing coins and has held up the best. Currently still the leader in RWA. I think this looks strong. Not great active trading. Better to just buy and hold for now.”
ONDO is trading at $0.839 at the time of writing, up more than 920% from this year’s low of $0.082 on January 18.
Then 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 will be at the end of May, when the crypto project plans to do so distribute 999.23 million tokens among five stakeholders.
Unlocks are often seen as bearish given the new sellable supply.
Says Altcoin Sherpa,
“It doesn’t matter how good/strong a coin is from a technical perspective. SUI will destroy Hades once investors start getting their tokens. This thing will have output pumps, so you can probably buy a green box, wait for it to mini-pump, and then short it out.
SUI is trading at $1.11 at the time of writing, down more than 2% in the last 24 hours.
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Generated image: Midjourney