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.
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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.