Crypto Trader Suggests Potential Price Explosion for Emerging Chainlink Competitor – The Underlying Reasons

An esteemed crypto analyst, who commands a considerable following, has suggested that a competitor to Chainlink (LINK) could potentially soar, even though it recently recorded a new all-time high (ATH).

The analyst, known by the moniker Altcoin Sherpa, informs his 207,100 Twitter followers that Pyth Network (PYTH), a platform for data aggregation, is currently navigating unchartered pricing territory.

In the world of cryptocurrency, ‘price discovery’ is the term used when an asset is trading at new, historically unprecedented levels.

Altcoin Sherpa asserts that when assets embark on price discovery, they generally experience a powerful and continuous upward trend due to a lack of established resistance barriers.

“PYTH: I am considering a purchase for a few specific reasons:

-Positioned just below the ATH, where price discovery tends to be quite enchanting.

-Has yet to witness an authentic, significant surge (in my judgement) for such a new asset.

-Admittedly, its narrative isn’t particularly engaging, though API3 is also experiencing substantial movements.”

At the time of writing, PYTH is being traded at $0.6425, its ATH, and has risen by over 10% in the past 24 hours.

Furthermore, the analyst is now conveying a bullish stance on Injective (INJ), a protocol for decentralized exchange. Altcoin Sherpa observes that INJ has maintained a long-term upward trend despite fluctuating within a broad range for over a month.

“INJ: Entering the market at around this level appears favorable for the ensuing upswing. The prevailing trend is a reliable ally; this one is poised to approach ATHs (timing uncertain). While a swift doubling of value is unlikely, it represents a safe, robust investment with a high probability of success.”

Currently, Injective is priced at $34.55, seeing a near 5% decline over the past day.

Last but not least, the analyst projects that the overall market capitalization of cryptocurrencies still trails the valuations of major tech companies listed in the S&P 500. Altcoin Sherpa anticipates a surge in the crypto market cap when retail investors come flooding back.

“The aggregate market cap of cryptocurrencies remains markedly below that of Apple’s. Our current playfield is limited, yet it’s already rife with remarkable gains, losses, and opportunities. The landscape will transform once the masses arrive. Aim higher.”

At the moment, the total market cap of all digital currencies is $1.807 trillion.

Never Skip a Beat – Subscribe to receive email notifications directly to your inbox

Inspect Price Action

Engage with us on Twitter, Facebook and Telegram

Browse The Daily Hodl Mix

Explore the Latest News Headlines

&nbsp

Disclaimer: Opinions at The Daily Hodl are not financial advice. Investors should perform their own due diligence prior to engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Your transactions and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl is not an investment advisor and does not endorse purchasing or selling any cryptocurrencies or digital assets. The Daily Hodl engages in affiliate marketing.

Image Generated by DALLE3