Wormhole (W) Price Surges 25% After Debut on Korean Exchange

Wormhole (W) has seen a surge in volume, reaching $500 million after its debut on major South Korean exchange Upbit . The listing comes amid an unfavorable market environment, resulting in millions of dollars in liquidations in the past 24 hours.

Despite this, the move has generated considerable excitement in the market, sending the price of Wormhole soaring. This analysis XEM at the impact of the listing and what traders can expect as Wormhole gains more market attention.

Asian Support Boosts Volume for Wormhole

At the time of writing, Wormhole’s price is $0.37, up 25% in the past 24 hours. This growth is a result of Upbit ’s decision to list the Token , which is the main cryptocurrency of the multi- chain interoperability network. According to Upbit’s announcement , W will be paired with the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Prior to the announcement, Wormhole’s volume was under $100 million. However, as of this writing, it has reached $550 million.

This incredible growth in volume shows that the Asian region, especially the Korean market, bought W as soon as it was listed on Upbit. From a trading perspective, this growth, along with the price increase, is a positive sign.

If Wormhole’s price continues to rise and so does volume , it could trade much higher than $0.37. Additionally, on- chain data from Santiment suggests that sentiment around the project has become particularly bullish.

The image below shows the growth using the weighted sentiment index. This incredible growth shows the dominance of positive comments about W across multiple social media platforms. If sustained, the price of W could surpass the $0.37 level, as initially stated.

W Price Prediction : The Bull Run Is Not Over Yet

Wormhole's price hit an All-Time-Low of $0.16 on August 5, four months after the Wormhole Airdrop was launched in April. A few weeks later, the coin reached $0.26, but again, Wormhole's price fell until September 18.

That was when the W Token broke out of the descending triangle. Over the past three weeks, the value of W has increased by more than 90%. A look at the Chaikin Money Flow Index (CMF), which measures accumulation and distribution, shows a bullish bias. A decline in the CMF implies distribution and the price could fall. But since it is the opposite, it means that the buying pressure is greater than what the sellers are doing.

If this continues, the price of Wormhole could jump to $0.45 and possibly $0.52 in the short term. On the other hand, the price of the coin could reverse if distribution takes over. If that happens, the value of W could drop to $0.29.

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