Wormhole ($W) Surges 12.66% as Utility Expands Across 30 Blockchains

Wormhole ($W), a prominent interoperability protocol with a multichain-native token, has shown remarkable resilience amidst challenging market conditions. The token has experienced a significant surge, rising by over 12% in the past 24 hours, breaking out from a prolonged downtrend that reached a historic low on April 2.
One of the key drivers behind Wormhole’s growth is its expanding utility across multiple blockchain ecosystems. The protocol now supports over 30 blockchains, including
, Aptos, Avalanche, and emerging networks like Monad and Berachain. This widespread adoption has attracted top crypto projects that utilize Wormhole for cross-chain asset transfers and messaging solutions.In September 2024, Securitize, a tokenization partner of
, integrated Wormhole as its official interoperability provider for tokenized assets. This integration directly impacts BUIDL, the largest tokenized fund in the U.S., with a market cap exceeding $1.9 billion. Additionally, in November 2024, Sky (formerly MakerDAO) adopted Wormhole’s Native Token Transfer (NTT) framework to enhance its multichain functionality. Sky’s governance token, $SKY, and stablecoin, $USDS, were seamlessly transferred across networks through Wormhole, particularly enabling Solana integration.Despite its success, Wormhole has faced security concerns. In May 2024, blockchain security firm CertiK identified a critical vulnerability in Wormhole’s cross-chain bridge that could have resulted in a $5 million loss. The firm’s swift intervention prevented a repeat of the infamous 2022 Wormhole hack, in which the protocol lost $321 million—marking the largest DeFi exploit of that year. However, Wormhole has since strengthened its security measures and continued to establish partnerships with key industry players. In a recent interview, the project’s co-founder, Robinson Burkey, highlighted collaborations with Circle, MakerDAO, and Agora to advance global crypto adoption. He cited real-world use cases, such as developers in Argentina receiving stablecoin salaries and businesses in Singapore utilizing $USDC for payroll transactions.
Wormhole ($W) has been in a prolonged downtrend characterized by lower highs and lower lows. However, recent price action suggests a potential shift in momentum. At press time, the token is trading at $0.0841, reflecting a 12.66% gain over the past 24 hours. This price bump has been accompanied by a significant increase in trading volume, which has risen by 183% to $124.65 million. The spike in volume indicates a growing level of buying interest, suggesting that market participants are increasingly optimistic about the token’s prospects. The Exponential Moving Average (EMA) ribbon (20-55) acts as dynamic resistance, with the price trading below key technical levels. A decisive breakout above the $0.12 to $0.14 range would signal a potential continuation of the upward trend. However, if the token fails to sustain its momentum and faces rejection at these resistance levels, it could retrace to a support range between $0.075 and $0.08. A further decline below the $0.075 level could indicate the possibility of another downward move, which would put the token’s recent gains at risk.

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