VeChain (VET) recently experienced a significant milestone as it achieved the Golden Cross, a chart pattern that it hasn’t seen since June 2020. This has prompted predictions of a potential 3000% surge in the coming year, similar to its impressive performance in 2021. While some argue that the era of large-cap crypto pumps is behind us, others believe that VET is well-positioned to recreate its previous rise in the current bull market.
Currently trading at $0.0303, VET has remained relatively stable within the same range over the past 24 hours. However, it has experienced an 11.5% decrease in the past week, dropping from its weekly high of $0.036. Despite this, there has been a notable increase in interest in the token, with a 90% surge in the past day, resulting in a trading volume of $84.5 million. Nevertheless, VET still ranks among the ten cryptocurrencies with the lowest trading volumes in the top 50.
An analyst known as AJ has emerged as a prominent voice in the social media sphere, suggesting that VET is a top pick for 2024. AJ points to the recent Golden Cross formation in VeChain’s chart, highlighting that the last time a similar trend occurred, the token experienced a surge of over 3000% in the subsequent year. With an 80% spike in trading volume in the past day, VeChain could be on the verge of a significant move.
AJ predicts that VET could reach a price target of $1.14 by October this year, which would mark an all-time high for the coin and position its market cap at $82.9 billion. However, it’s important to note that this projection is extremely bullish. During its previous 3000% spike, VET was one of the hottest coins in the market, and its market cap was significantly lower than a billion dollars. Today, new projects have emerged, many of which have the potential for monumental breakouts, such as the Solana-based meme coin BONK, which gained 7300% in 2023, the highest among all coins.
On the other hand, there are factors that support a bullish outlook for VET. The continued adoption of VeChainThor, the underlying network of VET, is one such factor. Recently, the network surpassed the milestone of two million daily transactions for the first time. Additionally, VeChainThor has become synonymous with the sustainability movement, thanks to its partnership with the Boston Consulting Group. This partnership incentivizes users to engage in sustainable actions, showcasing blockchain technology as an ideal solution for the future.
In conclusion, VeChain (VET) has recently achieved the Golden Cross and is poised for a potential surge similar to its 2021 performance. While there are contrasting opinions on the likelihood of such an increase, the continued adoption of VeChainThor and its association with sustainability lend support to a bullish outlook for VET.