Wormhole’s token W is showing early signs of a bullish reversal as its ecosystem continues to gain popularity among major players.
According to data from crypto.news, Wormhole (W) was exchanging hands at $0.0631, last check June 27, with a market cap of over $293 million. The token remains down more than 80% from its year-to-date high of $0.317.
This dramatic drop has left nearly 96% of holders underwater, creating sustained selling pressure as investors try to reduce losses, data from IntoTheBlock shows. Wormhole’s losses also come as it faces heavy competition from other major players in the interoperability space, like Cosmos and Polkadot.
Despite months of falling prices, a series of emerging catalysts could finally mark the end of Wormhole’s market downturn and signal a potential bullish reversal in the coming weeks.
First, Wormhole has recently partnered with Ripple to bring multichain support to the XRP Ledger (XRPL) and Ripple’s new EVM-compatible sidechain. The integration will allow both networks to interface with over 35 blockchains, significantly expanding their interoperability capabilities.
This enhanced connectivity could increase cross-chain activity via Wormhole, which may, in turn, drive higher demand for the W token.
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Second, crypto exchange Coinbase has recently added Wormhole to its listing roadmap. A potential listing on a top-tier platform like Coinbase often serves as a major catalyst for market interest, typically boosting liquidity, visibility, and stirring demand from investors.
If confirmed, the spot listing could drive renewed hype and upward price momentum for the W token in the near term.
Third, Wormhole appears to be in the process of forming a double-bottom pattern on the daily chart, a classic bullish reversal structure often observed at the end of sustained downtrends. The two lows of the pattern are forming around the $0.05 level, while the neckline resistance sits at approximately $0.117.
W 1-day price chart — June 27 | Source: crypto.news
Momentum indicators like the MACD line have crossed above its signal line, while the Relative Strength Index is trending upward, both suggesting growing bullish momentum.
W MACD and RSI chart — June 27 | Source: crypto.news
If Wormhole continues along this trajectory and successfully completes the pattern, it is likely to retest the neckline by late August. A confirmed breakout above the neckline, particularly with rising volume, would validate the pattern and signal a shift in market structure.
Such a breakout could open the door for a rally toward the $0.20 psychological resistance level, which would represent a gain of over 200% from current prices.
However, if Wormhole fails to hold the $0.05 support, the double-bottom setup would be invalidated. A breakdown below this key psychological level, particularly if accompanied by rising sell volume, could accelerate downward pressure and push the token toward $0.04, marking a new local low.
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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