VIRTUAL on track for a 10X move: Is $5.12 within reach?

Key Takeaways

VIRTUAL’s Spot and Futures data suggested accumulation as its price approached the $0.80 gap, keeping the $5.12 target in play despite volatility risks.

Virtual Protocol’s [VIRTUAL] trajectory has been impressive since its launch, surging from $0.0300 to $5.12 in less than a year. The staggering move has majorly been on the backs of retail traders and whales. 

Even now, VIRTUAL’s chart continues to carry a bullish tone. On the weekly time frame, traders are eyeing the next possible swing high near $5.12.

VIRTUAL: Technical setup looks bullish

One of the more interesting details in VIRTUAL’s weekly chart is the $0.40 rejection zone that kicked off the rally. That move left behind a visible gap around $0.80, which the current pullback seems to be testing.

How price reacts here will be critical. 

If buyers defend the significant market gap, VIRTUAL could witness a successful reversal for further bullish momentum in favor of another breakout, and can test the next resistance level at $5.12.

Source: TradingView

Whale accumulation picks up

AMBCrypto’s analysis of VIRTUAL’s on-chain data showed that whales were actively positioning themselves. 

Large players have been steadily accumulating orders in the Spot market, reinforcing the $0.80 level as a strong potential support.

Whale and institutions are eyeing the gap as a key turning point for the bullish run continuation.

Source: CryptoQuant

Similarly, leveraged long positions are building at current prices in the Futures market, also reflecting growing confidence in VIRTUAL’s upward trajectory.

Source: CryptoQuant

Can Virtual gain 10X?

If the $0.80 demand zone holds firm, VIRTUAL’s rally toward the $5.12 swing high is increasingly likely.  CoinGlass’ liquidity heat map data indicated a cluster of liquidity on the longer time frame, adding to the bullish bias.

Clearing this level could fuel VIRTUAL’s rise beyond $0.80, and potentially rise 10X.

Source: CoinGlass

But despite the metrics ticking all the bullish boxes, the bearish risks cannot be ignored. 

Given that the markets rarely move in a straight line, any slip in whale support or a sharp round of profit-taking could stall the momentum.

Still, with both VIRTUAL technicals and on-chain activity leaning bullish, the future of the token remains uncertain.