The Virtuals Protocol [VIRTUAL] has been making waves in the market recently, with a 237% rally in the past month. However, the token has now entered a corrective phase, declining 13% on the weekly timeframe and 2.3% on the daily. Despite this pullback, smart money seems to be accumulating VIRTUAL, indicating a bullish sentiment in the market.
Smart money, represented by top wallets holding nearly $16 million worth of VIRTUAL, has been quietly building positions in the token. According to recent analysis on Nansen, VIRTUAL has become the go-to AI token for these high-return strategies. In fact, 112 smart money wallets hold VIRTUAL, almost as many as the next three most-held tokens combined. This level of participation and volume suggests a strong conviction in the asset’s rally potential.
Market traders are also aligning with smart money, as bullish interest is building across spot and derivative markets. In the last 72 hours, the spot market recorded $5.71 million in VIRTUAL buys, with a significant amount moved off exchanges. In the derivative market, more long positions have appeared, with the Open Interest Weighted Funding Rate remaining positive. This indicates that most unsettled derivative contracts are from long traders, supporting a positive price move.
Looking at the charts, the Bollinger Bands suggest a relief bounce may be near for VIRTUAL. The price is approaching the mid-level band on the 1-day chart, around $1.70, which could act as potential support and push the price higher. The short-term target for this rally is $2.26, with a long-term target above $5.
Additionally, the Accumulation/Distribution (A/D) indicator has turned slightly upward, indicating renewed buying interest. Although it remains in negative territory, a sustained price bounce could push the A/D indicator back into bullish terrain, reinforcing VIRTUAL’s long-term upside potential.
Overall, despite the recent correction, VIRTUAL seems to be in a strong position with smart money accumulating and market traders showing bullish interest. With positive funding rates in the derivative market and potential support levels on the charts, a rebound for VIRTUAL may be on the horizon. Stay tuned for more updates on this promising token. The world of fashion is constantly evolving, with new trends and styles emerging each season. From bold prints to minimalist designs, there is something for everyone in the world of fashion. One trend that has been gaining popularity in recent years is sustainable fashion.
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