VeChain (VET) Price Soars Past $0.07: Market Cap Approaches $6 Billion After Rally

TLDR:

• VeChain (VET) reached a two-year high of $0.0726, showing massive gains of 265.5% over the past month
• Price has surged alongside other altcoins while Bitcoin faces resistance at $96,000
• CoinCodex predicts VET could reach $0.10 by February 2025
• Market analyst EGRAG forecasts a potential 3,000% increase in next 100 days
• VET’s price movement mirrors previous market cycles that preceded strong rallies

VeChain’s native token VET has reached a notable milestone, touching $0.0726 in December 2024, marking its highest price point in two years. The digital asset has demonstrated remarkable growth, recording gains of 9.1% in the last 24 hours and an impressive 265.5% increase over the previous month.

The price surge has pushed VeChain’s market capitalization to nearly $5.9 billion, representing a substantial increase from its previous valuation. This growth places VET among the top performers in the cryptocurrency market during the current period.

Looking at the weekly performance, VET has shown consistent upward momentum with a 79.2% increase. The fourteen-day charts reveal an even more impressive gain of 125.6%, highlighting the strong buying pressure the asset has experienced in recent weeks.

The current rally marks a sharp reversal from VET’s previous trading patterns. The last time the token traded above the $0.07 mark was in April 2022, making this breakthrough particularly noteworthy for long-term holders and market observers.

Year-over-year comparisons show VET’s strength, with the token posting a 212.7% increase since December 2023. This performance outpaces several major cryptocurrencies, including Bitcoin and Solana, during the same timeframe.

Market analysts have noted that VET’s surge comes amid a broader altcoin rally. Other digital assets such as TRON, BNB, XRP, and Cardano have also experienced upward price movement during this period, suggesting a market-wide shift in investor interest toward alternative cryptocurrencies.

The timing of VET’s rally coincides with Bitcoin facing resistance at the $96,000 level, potentially indicating that traders are diversifying their portfolios and exploring opportunities in the altcoin market. This market dynamic has historically benefited alternative cryptocurrencies during periods of Bitcoin consolidation.

Price Predictions

Technical analysis platform CoinCodex has provided forward-looking price projections for VET. According to their analysis, the token may experience a period of consolidation around current levels in the coming weeks, followed by renewed upward momentum in early January 2025.

The platform’s predictions suggest VET could reach the $0.10 mark by February 6, 2025, representing a potential increase of approximately 39% from current levels. Further projections indicate a possible high of $0.12 by February 20, 2025, which would require a 66.67% rise from present valuations.

Market analyst EGRAG has presented an even more optimistic outlook, suggesting the possibility of a 3,000% increase over the next 100 days. This prediction is based on observed patterns in VET’s price action that mirror previous market cycles.

Historical data shows that VET remains 74% below its all-time high of $0.281, recorded in April 2021. The path to reclaiming these previous highs may be influenced by broader market conditions, particularly Bitcoin’s performance and potential breakthrough of the $100,000 level.

VeChain’s recent inclusion in Coinbase’s COIN50 Index has increased its visibility among institutional and retail investors. This development has potentially contributed to the increased trading volume and price appreciation observed in recent weeks.

The project’s fundamentals have also played a role in attracting investor interest. VeChain continues to expand its presence in supply chain solutions and enterprise blockchain applications, developments that support its long-term value proposition.

Technical indicators suggest VET entered a bullish phase following its breakout from a multi-year descending channel. This technical development marked a shift in market sentiment and preceded the current price appreciation.

The most recent price data shows VET maintaining support above the $0.06 level despite some retracement from its multi-year peak. Trading volume remains elevated, indicating sustained market interest in the asset.

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