Analysis shows that Wormhole is on the verge of a bearish reversal ahead of its impending Coinbase listing. Statements and analysis results indicate low investor interest.
Announcement of Wormhole Listing on Coinbase
In a Tuesday announcement, Coinbase confirmed that Wormhole will be listed as an SPL token on the Solana network on July 2. Listings on major exchanges generally generate short-term bullish interest; however, in this case, the token has failed to attract meaningful investor interest ahead of the event.
Investor Activity and Partnership with Ripple
The listing comes shortly after Wormhole entered into a strategic partnership with Ripple Labs to integrate multi-chain interoperability with the XRP Ledger and its EVM-compatible sidechain. Despite these moves, investor sentiment remains pessimistic as the token’s price continues to be pressured. Wormhole is currently down 77.6% year-to-date.
Price Analysis and Market Indicators
On the 4-hour W/USDT chart, the token has broken below the lower boundary of an ascending broadening wedge, signaling mounting bearish pressure. Indicators confirm this outlook, suggesting that bullish momentum has weakened. Projections indicate that W may retest the $0.066 level, potentially leading to further losses.
Given the current market scenario, Wormhole faces numerous hurdles ahead of its Coinbase listing. Negative signals and active selling from major token holders undermine the likelihood of short-term growth.
