Virtuals Protocol (VIRTUAL) has surged by 23% in the last 24 hours, reaching a price of $3.47. This rise has occurred in the wake of an increase in trading volume to $571 million.
Continuous Price Growth of Virtuals Protocol
The 4-hour chart for Virtuals Protocol reflects a strong bullish trend, with the price continuing to move within an ascending channel. The current price stands at $3.48, near the upper boundary, indicating strong bullish momentum. The ascending channel serves as a guide, with higher highs and lower lows maintaining the trend.
The $2.86 level, highlighted by the 50-period moving average (MA50), acts as dynamic support and is essential for maintaining the bullish framework. For significant corrections, the support zone between $2.03 and $2.10 acts as a backup.
The Relative Strength Index (RSI) is at 67.64, approaching overbought levels, signaling potential short-term consolidation or retracement soon.
Solaxy (SOLX): New Meme Coin on Solana
Amidst VIRTUAL's continuing bullish momentum, investors are acquiring the new meme coin Solaxy (SOLX), the first layer-2 solution on Solana. The project raised $6.4 million just two weeks after starting its presale.
An analyst from 99Bitcoins predicts SOLX might soar 100X after launch.
Solaxy stands out not only as another cryptocurrency project but as a groundbreaking solution addressing one of Solana's main challenges: network congestion. Through its innovative layer-2 solution, Solaxy directly boosts Solana's network capabilities while preserving core integrity.
Additionally, Solaxy provides a seamless bridge between Solana and Ethereum, leveraging Ethereum's liquidity and security with Solana's speed and scalability. This creates a robust ecosystem designed for growing demands in decentralized finance and meme coin trading.
Future Prospects and Analysis
A breakout above the channel boundary approximately between $3.50 - $3.55 could push the price toward $4.00 or higher, marking a continuation of the uptrend.
Conversely, a retracement could test the $2.86 support level first, with the zone between $2.03 - $2.10 serving as a fallback for deeper corrections.
The uptrend for Virtuals Protocol continues, with new projects like Solaxy enhancing blockchain market capabilities.
