Key Takeaways
What is driving the recent 90% weekly surge in Virtuals Protocol?
Increased whale activity and a spike in large trades suggest early accumulation and growing investor confidence.
What could influence VIRTUAL’s next price direction?
If buyer dominance continues and Spot market activity picks up, VIRTUAL may sustain its bullish momentum.
Virtuals Protocol [VIRTUAL] has staged a strong comeback, with prices surging by 90% over the past week. However, as of press time, the token experienced an 8% pullback and was trading near $1.40.
AMBCrypto analyzed the factors that were driving VIRTUAL’s weekly surge.
More confidence in Virtual Protocol
The recent price rise highlights a growing optimism in Virtuals Protocol. Whales in both the Spot and Futures markets could be at the forefront of the current price increase.
AMBCrypto’s recent analysis of the token’s Average Order Size metric reveals a significant increase in large trades, indicating growing interest from high-volume traders.
This move indicates early phases of accumulation that can lay the foundation for more sustainable rallies.
Source: CryptoQuant
Buyer Dominance against slowing spot volume
Not all the metrics align with the rally, though. The market currently shows a clear tug-of-war. On one side, buyers are stepping in aggressively, showing conviction in the asset’s potential.
On the other hand, market activity on Spot exchanges is cooling, a trend that typically precedes either a consolidation or a short-term correction.
However, as observed from the previous observations, Future market activity always precedes Spot market activity (which is always under the holder’s control).
It could be just a matter of time before the Spot activity catches up.
Source: CryptoQuant
Buyer dominance across both the Spot and Futures markets is currently the strongest factor influencing VIRTUAL’s price direction.
If this buying pressure continues to outweigh the slowdown in Spot market activity, the token could sustain its upward momentum. However, if that momentum weakens, VIRTUAL may pull back to lower support levels before attempting another rally.
Source: CryptoQuant
Technical indicators indicate…
On the daily chart, VIRTUAL price action leans bullish. After a lengthy consolidation phase over the last four months, the token structure has finally turned bullish.
On the 10th of October, many investors expected a price drop after the altcoin fell below its pennant triangle pattern.
However, over the past week, the token has rebounded strongly, surging in price and successfully breaking through the key $1.4191 resistance level.
Despite slowing activity in the Spot market, the price imbalance between $1.0177 and $1.2030 serves as a strategic zone for long-term holders to consider re-entering the market during any potential correction.
Source: TradingView
What could be on the cards for VIRTUAL?
For now, sentiment remains cautiously bullish.
Sustained buying and renewed network activity would further validate the ongoing uptrend. The next few sessions will likely determine if this rally evolves into a broader move or stalls as the market recalibrates.
