The post Wormhole crypto’s latest price rejection – Result of a short squeeze or an organic rally? appeared on BitcoinEthereumNews.com.

Wormhole established a bullish structure on the 1-day chart The $0.07 demand zone must be defended for traders to maintain their bullish outlook In an announcement on Tuesday, leading U.S crypto exchange Coinbase confirmed that it will list Wormhole [W] as an SPL token on the Solana [SOL] network. Listing on such a reputable exchange with a high trading volume can give a relatively lightweight $333 million market cap token, such as W, short-term bullish impetus, but not much more. A week ago, Wormhole entered into a strategic partnership with Ripple. The aim is to integrate multi-chain interoperability with the XRP Ledger and its EVM-compatible sidechain. This development, announced on 26 June, saw a 12% price rally for the day. And yet, the longer-term trend did not quite shift bullishly. In fact, data from IntoTheBlock showed that 89% of the holders were out of the money. This was worrisome news because any attempted price recovery would be met by profit-taking activity or holders trying to exit at break-even. It could be hard for the bulls to build up momentum against these persistent sellers. Wormhole structure break or liquidity hunt? Source: W/USD on TradingView On 28 June, the price of W briefly climbed past the $0.08-level. This resistance (orange) had been the previous local high, made in June. After this candlewick broke beyond the resistance, W fell lower to fill the fair value gap (white box) at the $0.07-region. The volume indicators suggested that the market structure break was real, and not a liquidity hunt. The CMF was at +0.09, and the reading above +0.05 reflected sizeable capital inflows to the Wormhole market. The OBV has also trended higher over the past ten days. To back up the bullish notion, the MFI climbed above 50 and rose to 64 – A…

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Filed under: News - @ July 4, 2025 8:21 am