A widely followed cryptocurrency analyst says a Chainlink (LINK) rival has plenty of upside potential even after printing a new all-time high (ATH).
Pseudonymous trader Altcoin Sherpa tells His 207,100 followers on the social media platform X of the data aggregation service Pyth Network (PYTH) are now in the midst of price discovery.
Crypto traders and analysts call price discovery a situation where a coin is trading at levels never seen before in its history.
According to Altcoin Sherpa, coins traded on price discovery are “always magical” as they tend to follow a strong uptrend with no known resistance.
“PYTH: I’m considering maybe buying this for a few reasons:
-Near ATH, price discovery is always magical.
-Hasn’t had a real, real pump for a new coin yet (in my opinion).
-Story kinda sucks, to be honest, but API3 is going fast too.”
PYTH is trading at $0.6425 at the time of writing, the token’s ATH, and is up over 10% in the last 24 hours.
Next is the trader turn optimistic about the decentralized exchange protocol Injective (INJ). Altcoin Sherpa says INJ is still in a long-term uptrend even though the coin has been trading in a wide range for over a month now.
“INJ: Getting somewhere in this range is good for the next leg up. The trend is your friend; this one will probably go to ATHs (don’t know when though). This is one where you probably won’t get a quick 2x, but it is a safe, solid trade with high probability.
Injective is trading at $34.55 at the time of writing, down almost 5% in the last 24 hours.
Finally, the trader suggests that the total market cap for crypto 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 as retail investors return.
“The total cryptocurrency market cap is still significantly lower than Apple. We play in a small playground and already have incredible wins/losses/odds. Wait for the masses to come. Think bigger.”
The total market capitalization for all digital assets at the time of writing is $1.807 trillion.
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