VIRTUAL experienced a significant surge of up to 38% today, driven by renewed investor interest following the release of a major Genesis update by the Virtuals’ team. This update was designed to enhance transparency within the ecosystem, attracting positive attention from the cryptocurrency community.
According to data from crypto.news, Virtuals Protocol (VIRTUAL) reached an intraday high of $1.67 on May 1, marking a substantial increase of nearly 300% from the previous month’s low. The token’s market cap has now surpassed $1 billion, with daily trading volume reaching close to $600 million, representing a 60% surge from the previous day.
This recent rally builds on momentum that started on April 25 when VIRTUAL broke out of a consolidation range between $0.40 and $0.80, where it had been trading since mid-March. Since surpassing this range, the price has more than doubled, showcasing a gain of over 100%.
The price surge comes after a prolonged downtrend that began following the token’s all-time high of $5.07 on January 2. The recent uptick in VIRTUAL’s value can be attributed to the introduction of the Genesis Launch update, a new token distribution mechanism aimed at bringing users, developers, and AI agents into the Virtuals ecosystem.
With the latest update, developers now have the option to automatically lock their token allocations and establish transparent vesting schedules that are visible to users. This increased transparency allows users to assess projects with lower risks, enhancing the credibility of the entire ecosystem.
Additionally, the listing of VIRTUAL on crypto exchange Binance.US has contributed to the token’s recent gains by attracting both retail and institutional investors. The surge in futures open interest, reaching a three-month high of $186 million, further indicates growing demand and speculative activity among traders.
Furthermore, positive social sentiment surrounding VIRTUAL and an increase in the number of holders with substantial token holdings suggest a rising demand among mid-to-large holders.
On the technical side, VIRTUAL is currently trading within an ascending channel pattern on the daily USDT chart. The recent golden cross formation, where the 20-day EMA crossed above the 50-day EMA, indicates a strong bullish signal and hints at a potential uptrend.
The SuperTrend indicator has also turned green, supporting the positive outlook for VIRTUAL’s price movement. The next key target for VIRTUAL is the $2 psychological resistance level, representing a 48% increase from its current price.
Analysts such as CryptoBull_360 anticipate a major breakout for VIRTUAL, with potential upside targets of 80-100% if bullish momentum continues. Other analysts, like Bitboy, believe that VIRTUAL could see further upside if it maintains a price above $1.60.
As of the time of writing, VIRTUAL is trading at $1.63 per token. It is essential to note that this article does not constitute investment advice and is intended for educational purposes only.