W price breaks out on U.S. Commerce catalyst and high volume | Credit: Derek Fenech
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Key Takeaways
Wormhole spiked 25%, fueled by news that the U.S. Department of Commerce selected its ecosystem partner.
On-chain activity and accumulation metrics strengthened the rally, with volume exceeding $500 million.
W could break resistance at $0.092 and aim for $0.12, but failure to maintain demand may drag the price back.
Wormhole (W) ranks among today’s top crypto gainers after briefly rallying to $0.10 before easing to $0.090.
‘This price action represents a 25% jump in the past 24 hours, backed by surging trading volume and rising market interest.
The rally wasn’t driven solely by technicals.
A key development involving the U.S. Department of Commerce and Pyth Network (PYTH) was a major catalyst.
This analysis reveals the drivers behind Wormhole’s sudden spike and assesses its long-term price action.
Wormhole Rockets Higher
On Wednesday, Aug. 23, Wormhole’s price peaked at $0.072.
One day later, the Wormhole team revealed that the U.S. Department of Commerce selected its ecosystem team, Pyth Network, to verify and publish economic data on-chain.
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It also noted that Wormhole will be responsible for all multichain data interoperability.
“Pyth’s ability to ensure the cryptographic verifiability and immutable publication of official statistics across chains, in partnership with Womhole, marks a new chapter in how governments can interact with decentralized technology,” The team stated.
Following the development, PYTH’s price spiked by 120%, while W joined the rally.
Amid this price action, Wormhole’s trading volume spiked above $500 million, according to Santiment data.
The surge in volume alongside the price increase signals that the rally is backed by strong market participation rather than weak, low-liquidity moves.
High volume during an uptrend reflects genuine demand, which reduces the likelihood of an immediate fakeout.
W Trading Volume | Credit: Santiment
If this momentum holds, the elevated trading activity could fuel further price appreciation in the short term.
Conversely, a drop would indicate waning interest and declining on-chain activity.
Therefore, the spike indicates rising on-chain activity that could keep Wormhole price trading higher.
W Price Prediction: Rally to Continue
From a technical perspective, the daily chart shows Wormhole breaking above the upper trendline of a symmetrical triangle, signaling a potential bullish breakout.
Adding strength to this outlook, the Bull Bear Power (BBP) has flipped positive for the first time since August 23, suggesting buyers are finally regaining control after weeks of pressure from bears.
If this remains the same, Wormhole’s price might break the resistance at $0.092.
Once that happens, the altcoin’s next target could be a rally toward $0.012.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
