VeChain continues to actively develop despite recent fluctuations in its market value. The company plans to launch Galactica Mainnet and Hayabusa StarGate on July 1.
Current Achievements of VeChain
Currently, the price of VeChain (VET) is $0.02206, experiencing a sharp daily loss of 5.44%. Over the past month, VET has dropped 26.54%, and it is down nearly 62.29% in the last six months. With these figures, VeChain is trading more than 90% below its record high of $0.2823.
Launch of Galactica Mainnet and StarGate
On July 1, VeChain will launch its Galactica mainnet, which aims to enhance the platform's infrastructure and capabilities. The Hayabusa StarGate staking program will also start on the same day. These initiatives highlight VeChain's active efforts towards real-world asset integration and blockchain technology, evidenced by partnerships with major companies like BMW, LVMH, and Walmart China.
Analysis of the Current Market Situation
Current market sentiment towards VeChain is mixed to bearish. Analysts note the possible formation of an inverted head and shoulders pattern, which could signal a bullish reversal. However, concerns exist that VET may be entering a multi-cycle bear market if it fails to hold above key support levels around $0.018–$0.020.
Despite the current market challenges, VeChain continues to work on new technologies and strategies for its development, which may positively impact its long-term prospects.
