VeChain (VET) appears to be on the verge of a significant breakthrough following a prolonged period of consolidation, as the altcoin aims to retest its previous record highs.
VET holders are anxiously awaiting the token’s short-term movement, while maintaining a steadfast belief in its long-term bullish potential. Recent rallies have propelled VET to a two-year high, igniting hopes of a sustained rally that could result in a new all-time high.
Since reaching its peak of $0.281 nearly three years ago, VET has experienced a significant decline, losing over 80% of its value. Despite this setback, investors remain optimistic, drawing strength from advancements in the network, growing institutional interest, and on-chain growth.
Over the past few months, the VeChain network has witnessed notable progress in its technological infrastructure, developer engagement, and user base expansion. VeChain’s latest initiative, VeBetterDAO, utilizes its utility token, B3TR, to incentivize sustainable actions, with a goal of attaining a million active daily users within the next few years. By 2030, the network aims to onboard one billion users.
The network’s growth is evident in the nearly three million active wallet addresses currently on the VeChain network. This number, along with the total volume of successful transactions, is steadily increasing, with projections pointing towards continued growth as investor interest intensifies.
Given the project’s long-term potential and the positive outlook for VET, holders, particularly large investors, have been accumulating tokens in anticipation of a breakout.
At present, VET is trading at $0.03968, following a 7% decline in the past 24 hours. The digital asset has undergone a correction, experiencing a loss of nearly 20% over the past week.
It is crucial for bullish investors to defend the current levels of support and demonstrate their control. Failure to do so could result in further losses, with the next significant support level at $0.036. However, if the bulls prove their strength, they will aim to surpass the $0.054 resistance level and establish it as stronger support. This breakthrough could potentially propel VET to a multi-year high of $0.1.
A crypto analyst on the X platform predicts a bullish wave of 300% to 400% in the coming weeks. The analyst highlights the breaks in the descending trendline and the significant multi-year horizontal resistance currently situated in strategic areas.
Furthermore, the overall excitement surrounding the crypto market, fueled by the launch of spot ETFs, institutional investors, and the upcoming Bitcoin halving, continues to drive demand and push prices higher.
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