- VIRTUAL gained by 10.48% as spot traders bought $10.45M of the altcoin during the market’s pullback
- Smart money now holds more VIRTUAL than any other memecoin or AI token, driving sustained confidence
Virtuals Protocol [VIRTUAL] jumped by 10.48% in the last 24 hours, fueled by rising activity across both spot and derivative markets.
Naturally, this surge didn’t happen in isolation.
Hence, AMBCrypto analysed accumulation trends and liquidations and found that they hinted at a broader shift in sentiment – One that could set the stage for further gains.
What are spot and derivative traders up to?
There’s been a notable surge in VIRTUAL accumulation in the spot market this week.
So far, these traders have spent $10.45 million buying VIRTUAL from the market, indicating strong interest, especially given the market’s major decline during this period.
Source: CoinGlass
This spot market activity has been matched by significant buying pressure from derivative traders.
For instance – In the last 24 hours, Open Interest—which tracks the value of active contracts in the market—surged to $230 million, marking a 13.3% hike.
Source: CoinGlass
This uptick came on the back of a rising price trend and a significant liquidation event against short traders. During this period, short sellers lost approximately $124,670 to the market.
This is worth noting, especially since it’s twice the amount lost by long traders. In other words, as the asset climbed on the charts, short traders suffered greater losses.
Source: CoinGlass
This pattern likely signaled to market participants that sentiment had shifted, prompting traders to increase their long positions in hopes of capturing major price gains.
How far will VIRTUAL rally?
An analysis of the 4-hour chart revealed that VIRTUAL has strong potential to rally as high as $2.5.
At the time of writing, the asset had broken through a major resistance level – An important barrier to further upward movement.
Source: TradingView
The Aroon Indicator also supported this potential breakout, tilting in favor of a bullish trend. This indicator uses two lines—the Aroon Up (orange) and the Aroon Down (blue)—to track momentum.
When the Aroon Up stays above the Aroon Down, it alludes to a bullish market and the possibility of a sustained rally. On the charts, the Aroon Up sat at 92.86%, while the Aroon Down was at 35.27%.
Previously, AMBCrypto reported that subtle buying activity from smart money, known for making profitable bets, helped push the price higher. This investor group now holds more VIRTUAL than any other memecoin or AI token in the market. Understandably, this is a sentiment that continues to contribute to the asset’s bullish outlook.
At the time of writing, the 90-day index ranked VIRTUAL in 4th place among top-performing assets, leading all top 10 cryptocurrencies by market capitalization.
