VeChain (VET) appears to be on the brink of a major breakout following a lengthy period of consolidation, as the altcoin looks to retest its previous record highs.
VET holders are eagerly awaiting the token’s short-term movement, while remaining confident in its long-term bullish case. Recent rallies have driven the token to a two-year high, hinting at a sustained rally that could push it to new all-time highs.
Although VET has lost over 80% of its value since reaching its all-time high of $0.281 three years ago, investors remain optimistic. They are encouraged by network advancements, institutional interest, and on-chain growth.
Over the past few months, the VeChain network has seen significant growth in technological infrastructure, developer participation, and user adoption. The launch of VeBetterDAO, which leverages its utility token B3TR to incentivize sustainable actions, demonstrates VeChain’s commitment to enhancing the supply chain and promoting sustainable efforts.
The network’s growth is apparent, with nearly 3 million active wallet addresses and a rising number of successful transactions. As the network continues to expand and investor interest grows, these figures are expected to rise further.
With the project showing long-term promise, VET holders, particularly large investors, have been accumulating the token in anticipation of a breakout.
Currently, VET is trading at $0.03968, experiencing a 7% drop in the last 24 hours. The digital asset has undergone a correction, losing nearly 20% in the past week.
At these levels, it is crucial for bulls to defend support and demonstrate their control. Failure to do so could result in further losses, with the next key support level at $0.036. However, if bulls prove their strength, they will aim to surpass the $0.054 resistance and establish it as a stronger support level. This could potentially propel the price 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 points out the breaks in the descending trendline and the significant multi-year horizontal resistance, both of which are currently in crucial areas.
Furthermore, the overall excitement surrounding the crypto market, driven by the launch of spot ETFs, institutional investors, and the upcoming Bitcoin halving, continues to fuel demand and push prices higher.