A widely respected cryptocurrency analyst says one Chainlink (LINK) rival has plenty of upside potential even after hitting a new all-time high (ATH).
Pseudonymous trader Altcoin Sherpa says Data collection service Pyth Network (PYTH) currently has 207,100 followers on social media platform X, which is in the midst of price discovery.
Cryptocurrency traders and analysts call price discovery a situation where a coin is trading at levels never before seen in history.
According to Altcoin Sherpa, coins trading in price discovery zones are “always magical” because they tend to have a strong upward trend with no known resistance remaining.
“PYTH: I am considering purchasing this product for several reasons.
-Price discovery near ATH is always magical.
-There has been no real pump for new coins yet.
-To be honest, the description is terrible, but API3 is also working hard.”
PYTH is trading at $0.6425 at the time of this writing, and the token’s ATH has risen more than 10% in the last 24 hours.
Next is the merchant. turning Optimistic outlook for decentralized exchange protocol Injective (INJ). Altcoin Sherpa says INJ is still in a long-term upward trend, despite the fact that INJ has been trading in a wide range for over a month now.
“INJ: Getting in near this range is good for the next step. Trends are your friend. This will likely go to ATH (no idea when). This is a safe, solid, high-odds trade that probably won’t win you a quick double.”
Injective is trading at $34.55 at the time of this writing and is down nearly 5% in the last 24 hours.
Finally, the merchant proposal The overall cryptocurrency market capitalization is still small compared to the value of the tech giants traded on the S&P 500. Altcoin Sherpa believes the overall market capitalization of cryptocurrencies will explode when retail investors return.
“The overall cryptocurrency market cap is still much lower than Apple. We are playing in our own little playground and are already enjoying huge gains/losses/opportunities. Wait until the crowd comes. Think bigger.”
The total market capitalization of all digital assets is $1.807 trillion at the time of this writing.
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