When the cryptocurrency prices start rising again, analysts are closely watched for their insights and comments that offer a unique perspective to market participants. Amidst the recent correction and upward trend in the crypto market, a well-known cryptocurrency analyst made significant remarks about certain altcoins.
Regarding the RWA Coin, analyst Sherpa, who is highly recognized in the market, shared positive expectations for Ondo Finance (ONDO), a project focused on tokenizing real-world assets. Despite being a strong performer and a leader in the RWA sector, ONDO has not been very active in trading, according to Sherpa's statement. Therefore, it might be better to buy and hold ONDO for now as per the analyst.
At the moment, ONDO has experienced a 0.22% increase in the past 24 hours, with a trading price of $0.82. Its current price level signifies a remarkable 920% surge from its lowest point on January 18, 2024, at $0.082. The market cap of ONDO has surpassed $1.139 billion, with a 24-hour trading volume of $120 million after a 26% decline, which could indicate a reduced investor interest.
On a different note, Sherpa mentioned that the layer-1 smart contract platform Sui (SUI) might face a price dip due to an upcoming token unlock event. In this upcoming unlock, about 999.23 million tokens will be distributed among five groups by the end of May. Token unlocks usually bring uncertainties to the market, often signalling a possible downturn with the new supply entering the market.
With regards to SUI, Sherpa stated that regardless of the coin's technology strength, it might experience a price decline when investors begin selling their tokens. He recommended capitalizing on the green candle, waiting for a small increase, and then making a move. SUI's price had dropped by over 2% in the last 24 hours as observed in the price review, with buyers approaching at $1.08 at the time of writing. This highlights the potential risks associated with the upcoming token unlock event affecting SUI's price dynamics.
