A widely followed cryptocurrency analyst says that one Chainlink (LINK) rival has a lot of upside potential even after printing a fresh all-time high (ATH).
Pseudonymous trader Altcoin Sherpa tells his 207,100 followers on the social media platform X that data aggregating service Pyth Network (PYTH) is now in the midst of price discovery.
Crypto traders and analysts refer to price discovery as a situation where a coin trades at levels never seen before in its history.
According to Altcoin Sherpa, coins that trade in price discovery territory are “always magical” as they tend to go on a strong uptrend with no known resistance left.
“PYTH: I’m looking at maybe buying this for a few reasons:
-Right near ATH, price discovery is always magical.
-Hasn’t had a true, true pump yet (in my opinion) for a new coin.
-Narrative kind of sucks, to be honest, but API3 is also moving hard.”
PYTH is trading for $0.6425 at time of writing, the token’s ATH and up more than 10% in the last 24 hours.
Next up, the trader is turning bullish on the decentralized exchange protocol Injective (INJ). Altcoin Sherpa says INJ remains in a long-term uptrend even though the coin has been trading in a wide range for more than a month now.
“INJ: getting in somewhere around this range is good for the next leg up. The trend is your friend; this one is likely to go to ATHs (don’t know when though). This is one where you’re probably not going to get a quick 2x but it’s a safe solid high probability trade.”
Injective is trading for $34.55 at time of writing, down nearly 5% in the last 24 hours.
Lastly, the trader suggests that the total crypto market cap is still small compared to the valuation of tech giants trading in the S&P 500. Altcoin Sherpa sees the total market cap of crypto exploding when retail investors return.
“The total crypto market cap is still significantly lower than Apple’s. We are playing in a small playground and already having incredible gains/losses/opportunities. Wait until the masses come. Think bigger.”
The total market cap for all digital assets stands at $1.807 trillion at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
The post Crypto Trader Says Magical Price Discovery Could Be Coming for One New Chainlink Rival – Here’s Why appeared first on The Daily Hodl.
