New record: VIRTUAL Token exceeds 220 million USD!

VIRTUAL, the internal token of the decentralized platform for creating and trading AI agents – Virtuals Protocol, hit a record high of $2.39 during Friday morni...

[ad_1]

VIRTUAL, the internal token of the decentralized platform for creating and trading AI agents – Virtuals Protocol, hit a record high of $2.39 during Friday morning trading in Asia. Although it has since decreased by 5%, the price of VIRTUAL Token is still up 18% in the past 24 hours.

The cryptocurrency currently tops the list of top performers during the review period and appears poised to extend its upward momentum.

VIRTUAL Sees Surge in Trading Activity

VIRTUAL’s double-digit gain was accompanied by a boom in trading activity, with volume reaching $228.71 million — a 13% increase in 24 hours.

When an increase in trading volume is accompanied by an increase in the price of an asset, this indicates widespread interest and participation by market participants. At the same time, higher volume during a bull run indicates that the price increase is due to genuine demand, not speculative activity.

VIRTUAL Price and Trading Volume. Source: Santiment

Furthermore, the increase in VIRTUAL’s open interest confirms a boom in trading activity. Up to now, this number has reached an all-time high of 63 million USD, a jump of 48% in the past 24 hours.

Open interest refers to the total number of derivative contracts that have not yet been settled or closed. When open interest increases during a bull run, new positions are created as more traders enter the market.

This signals that the bullish momentum is supported by increased market participation and could indicate the possibility of continued price momentum.

VIRTUAL Open Interest. Source: Coinglass

VIRTUAL Price Forecast: Buyers Remain in Control

On the daily chart, the VIRTUAL Elder-Ray Index reinforces this optimistic outlook. At the moment, the index is significantly above the zero line at 1.04.

This tool measures the strength of buying and selling pressure in the market by analyzing price movements relative to moving averages. A positive Elder Ray Index shows that buyers are in control, with the current price above the moving average. This suggests a bullish trend and the possibility of continued upward movement.

VIRTUAL Price Analysis. Source: TradingView

If VIRTUAL maintains its uptrend, it will reclaim its record high of $2.39 and surpass this mark. Conversely, profit-taking could push VIRTUAL Token price down to $1.83, invalidating the above bullish forecast.