Vechain’s VET has been making impressive gains over the past few weeks, surging more than 60% in the last month. This surge is supported by on-chain data, network growth, and increased investor interest, all pointing towards a bullish outlook for VET.
Renowned crypto analyst EGRAG has recently identified a significant opportunity that could propel VET even further, with prices potentially reaching over $1.
VeChain (VET) has shown remarkable resilience and determination in recent weeks, experiencing a gain of over 60% in just 30 days, reaching its highest price of the year at $0.053. This surge aligns with a broader market rally led by Bitcoin (BTC), which has reached a new all-time high of $73,580.
VET’s recent performance is supported by a bullish forecast based on its technical setup, network development, and increased institutional interest.
Despite a drop of nearly 3% in the past 24 hours due to a market-wide correction, experts and investors remain confident in a rebound. Smart investors see this dip as an opportunity to accumulate before the next breakout.
EGRAG, the crypto analyst, has shared a bullish outlook for VET, predicting a massive breakout that will occur in three phases. The analyst highlights that the token is currently trading at a critical level, with bulls and bears engaged in a battle for control. If the bulls take charge, they will aim to break above the $0.053 high and target a trading price above $0.09.
Following this breakout, the analyst envisions a parabolic surge that will drive the token to $0.23. This represents a staggering 390% rally from current prices. In the long term, experts believe that VET has the potential to reach $1, establishing a new all-time high for the digital asset. However, profit-taking at its previous all-time high of $0.281, reached nearly three years ago, could pose a hindrance.
The VeChain network has experienced significant growth, with the introduction of the VeBetterDAO platform. This platform allows the community to engage, earn rewards, and contribute to sustainability, thereby fostering the growth of the ecosystem. The VeBetterDAO Galaxy Member (GM) NFT System, introduced under this platform, rewards users based on their level of privileges. These developments are expected to drive adoption of the project by developers and users, consequently increasing demand for the tokens.
Investor interest in VET has reached record highs, as evidenced by the surge in total open interest from 16.0 million to 48 million. Social dominance and social volume of VET have also increased, indicating a positive interest in the token. This further supports the bullish sentiment surrounding VET.
In conclusion, Vechain’s VET has demonstrated impressive gains recently, with on-chain data, network growth, and investor interest all contributing to a bullish outlook. Analysts, including EGRAG, predict further price increases for VET, with the potential to reach over $1. The VeChain network’s developments and increasing investor interest further support this optimistic sentiment.