Trader Updates Outlook on Altcoin That’s Exploded Over 900% Year-to-Date, Maps Path Forward for Solana Rival Sui
A closely followed crypto strategist is updating his outlook on one red-hot altcoin amid a crypto market correction.
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).
“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.”
Source: Altcoin Sherpa/X
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.
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.
Unlocks are often perceived as bearish given the new sellable supply.
Says Altcoin Sherpa,
“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.”
Source: Altcoin Sherpa/X
SUI is trading for $1.11 at time of writing, down more than 2% in the last 24 hours.
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