VIRTUAL explodes past $1.76 with 811% spike in network activity | Credit: Hameem Sawrwar
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Key Takeaways
The native token of Virtuals Protocol is up 45% today, bringing its 7-day gain to an explosive 150%.
Daily trading volume has jumped from $360 million to $667.72 million, suggesting rising liquidity.
On-chain activity is accelerating, signaling growing user participation and continued bullish momentum.
With the RSI at 88.68 and ADX rising, strong upward momentum could continue in the short term.
VIRTUAL, the native token of the Virtuals Protocol, has soared 45% today, marking a parabolic rally that brings its seven-day gain to a staggering 150%.
In the process, the altcoin has reached its highest level in three months, last seen on February 1. But what’s driving VIRTUAL’s surge—and can the momentum continue?
According to CCN’s findings, the altcoin’s trading volume is one of the major reasons it has maintained this trend. On April 30, VIRTUAL’s trading volume dropped below $360 million.
Today, the same metric has increased to $667.72 million. Typically, a drop in volume indicates waning interest in a cryptocurrency.
Therefore, the rise in VIRTUAL’s volume indicates that much liquidity flows into it.
From a trading point of view, if the volume continues to rise, and VIRTUAL’s price remains in an uptrend, then the cryptocurrency’s value is likely to break $2 soon.
The Price–Daily Active Addresses (DAA) divergence, which compares an asset’s on-chain activity with its price performance, further supports the bullish outlook.
A positive divergence typically signals bullish momentum, while a negative reading points to bearish sentiment.
Just a few days ago, VIRTUAL saw minimal on-chain interaction. But today, the Price DAA divergence has surged by 811.47%.
This sharp increase suggests that more market participants are actively engaging with VIRTUAL. If this level of network activity continues to rise, the token’s price could follow suit.
From a technical point of view, VIRTUAL has broken out of a falling wedge formed on the daily chart. A falling wedge is a bullish chart pattern that signals a potential upward breakout, either as a trend reversal (after a downtrend) or a continuation (during an uptrend pause).
It forms as price moves between two downward converging trendlines. As seen below, VIRTUAL’s price has risen past the upper trendline of the wedge to validate the breakout.
Additionally, the Relative Strength Index (RSI) reading has climbed to 88.68, indicating strong bullish momentum around the altcoin. Like the RSI, the Average Directional Index (ADX) has soared.
This rise in the ADX rating indicates strong directional movement. If sustained, VIRTUAL’s price will likely break through the resistance at $2.18.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
