Vechain’s VET has been making impressive gains over the past few weeks, surging more than 60% in the last month. On-chain data, network growth, and investor interest all point towards a bullish outlook for the cryptocurrency.
Renowned crypto analyst EGRAG has recently identified a significant opportunity that is likely to propel VET even further, with prices potentially reaching over $1.
VeChain (VET) has displayed remarkable resilience and determination in recent weeks. In just 30 days, this altcoin has surged by more than 60%, hitting a yearly high of $0.053. This surge has coincided with a broader market rally led by Bitcoin (BTC), which itself reached an all-time high of $73,580.
The strong performance of VET is supported by a bullish forecast based on its technical setup, network development, and increased institutional interest.
Although VET has experienced a 3% dip in the past 24 hours, trading at $0.04712, experts and investors remain confident in its potential for a rebound. For savvy investors, this drop presents an opportunity to accumulate VET before the next breakout.
Crypto analyst EGRAG has shared an optimistic outlook for VET, predicting a significant breakout that will occur in three phases. According to the analyst, the token is currently trading at a critical level, with bulls and bears locked in a battle for control. If the bulls gain control, they will aim to break above the $0.053 high and push towards trading above $0.09.
Following this, the analyst envisions a parabolic breakout that would see the token reach $0.23, representing a staggering 390% rally from its current prices. In the long term, experts believe that VET could surpass $1, setting a new all-time high for the digital asset. However, profit-taking at its previous all-time high of $0.281, reached almost three years ago, could potentially hinder this.
The VeChain network has experienced significant growth. The project recently unveiled the VeBetterDAO platform, which allows the community to engage, earn rewards, and promote sustainability while expanding the ecosystem. This platform is an evolution of the Web3 for Better whitepaper, co-authored by the Boston Consulting Group.
Additionally, the project has introduced the VeBetterDAO Galaxy Member (GM) NFT System under the new platform. This system utilizes upgradeable NFTs to determine user privileges, with higher levels offering greater rewards. These developments are expected to drive adoption of the project by developers and users, increasing demand for VET tokens.
Investor interest in VET has been bullish, with record-high levels of interest observed. One key indicator of this is the total open interest, which has recently risen from 16.0 million to 48 million. Social dominance and social volume have also increased, as evidenced by the uptick in VET social activity on platforms like X and Telegram, indicating a positive interest in the token.