- VIRTUAL transfers to exchanges spike, $27.08M moved, 10.9% of tokens held by whales.
- Bullish trend for VIRTUAL continues, with resistance at $3.50, and key support at $3.20.
- Derivatives market activity surges 104.88%, $811.78M volume, longs slightly dominate.
A suspected early participant or project owner of Virtuals Protocol (VIRTUAL) has reportedly transferred 2 million VIRTUAL tokens, worth $6.96 million, to the Bybit exchange. This transaction occurred just two hours ago and follows a week of significant token movements.
Over the past seven days, a total of 8.75 million tokens, valued at $27.08 million, have been transferred to various exchanges at an average price of $3.09 per token. Despite these transfers, three associated wallets still hold $181 million in tokens, accounting for 10.9% of the total supply on the Base network.
Price and Market Trends Indicate Bullish Sentiment
Virtuals Protocol’s live price as of press time stands at $3.45, reflecting a 12.09% increase over the past 24 hours, with a trading volume of $406.74 million. The token has maintained a bullish trajectory, forming higher highs and higher lows.
However, recent price action shows signs of consolidation, hinting at a possible cooldown. Key support levels are identified at $3.20, which underpinned the recent rally, and $3.00, a psychological level coinciding with historical price zones. Resistance is expected at $3.50, near the current price, and $3.70, aligned with previous peaks.
Technical Indicators Suggest Short-Term Cooling
The RSI has declined from 63.43 to 55.97, signaling reduced buying pressure but remaining above 50, supporting the overall bullish trend. The MACD indicates weakening momentum, with the histogram shrinking despite the MACD line staying above the signal line.
Derivatives Market Shows Growing Activity
Coinglass data analysis suggest VIRTUAL’s derivatives market activity surged, with trading volume climbing 104.88% to $811.78 million. Open interest rose 36.04% to $170.45 million, with a 24-hour long/short ratio of 1.0235 showing a slight dominance of long positions. Liquidation data revealed $1.53 million in rekt positions, primarily impacting short trades.
