VeChain (VET) has been quietly positioning itself for what could be one of the most explosive rallies in the cryptocurrency market. Recent technical analysis suggests that the blockchain platform, known for its focus on supply chain management and enterprise solutions, is on the verge of a significant breakout that could propel its price to unprecedented levels. Some analysts are predicting a surge of up to 65X from its current price, with the possibility of VeChain hitting the coveted $1 mark.
Current Market Overview
At the time of writing, VeChain (VET) is trading at $0.02278, showing marginal gains of 0.22% in the last 24 hours, 3% over the past week, and 4% in the past 30 days. Despite the small price uptick, the 24-hour trading volume is down 16%, with $23 million in transactions taking place. However, this seemingly quiet period could be the calm before a storm, as analysts are eyeing what could be a historic bull run for the digital asset.
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The “Turbo Trigger” and Historical Performance
According to a prominent crypto analyst, VET is on the verge of triggering what has been referred to as the “turbo trigger,” a crucial moment that could ignite a massive rally, reminiscent of its performance in the previous market cycle. During the last major bull run, VeChain skyrocketed from its all-time low of $0.001677 on March 13, 2020, to an all-time high of $0.2782 on April 17, 2021. This impressive rally saw the asset gaining over 16,500% within a little over a year.
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Some market experts believe that a similar surge is brewing. One crypto analyst, EGRAG CRYPTO, shared his insights with his 57,000 followers on social media platform X (formerly Twitter). According to his technical analysis, VeChain’s potential price target could range between three key Fibonacci retracement levels: Fib 1.236, 1.414, and 1.618. This projection could see VET rally by as much as 4,324%, bringing its price close to the $1 mark.
Technical Analysis: Ignition Stage and Fibonacci Levels
EGRAG CRYPTO’s analysis draws from historical price data, identifying a key “Ignition Stage,” where VeChain typically rebounds before embarking on a large-scale rally. In 2020, VET experienced an incredible 6,538.99% surge after hitting its ignition point, propelling the asset to new highs.
In his chart, the analyst has marked the 2024 Ignition Stage, where he expects VET to experience another parabolic move. If history repeats itself, VET could add $0.85850 to its current price, potentially reaching an all-time high of $1. This projection is based on historical price behaviors and the application of Fibonacci retracement tools, which are widely used in technical analysis to predict future price movements.
VeChain’s Outlook for the Next Bull Cycle
The bullish case for VeChain is not just limited to Fibonacci-based technical analysis. Another well-known market analyst, Alan Santana, has pointed out that the VET/BTC pair has reached its lowest point in five years. He noted that in 2019, a similar low signaled the end of a bearish wave and the beginning of a powerful bullish cycle.
Santana explained that the previous bullish cycle played out in three waves, each stronger than the last, culminating in a total price move of 1,291% from the bottom. This cycle lasted for 595 days, and if the current setup follows the same pattern, VET could be on the cusp of a similar, if not larger, bull run. According to Santana, the low recorded on September 16, 2024, marked the bottom for the VET/BTC pair, signaling the start of the next bullish wave.
Santana further predicted that the bear market for VET/BTC lasted 1,246 days, setting the stage for 2025 to be one of the biggest bull markets VeChain has ever seen.
Can VeChain Hit $1?
The burning question on every investor’s mind is whether VeChain can hit $1. While the technical analysis points to a strong possibility of significant price appreciation, several factors will influence whether this ambitious target is reached.
Read moreVeChain’s Bright Future: Will It Reach $0.30 by 2030!
- Market Sentiment: The broader crypto market sentiment, particularly the performance of Bitcoin and other major altcoins, will likely play a role in VET’s price trajectory.
- Enterprise Adoption: VeChain’s success is also tied to its real-world adoption in enterprise solutions and supply chain management. Increased usage of its blockchain for business applications could drive demand for VET, pushing prices higher.
- Macro Trends: The macroeconomic environment, including regulatory developments and global financial conditions, could impact the overall cryptocurrency market and VET’s price.
Conclusion: VeChain Poised for Explosive Growth
VeChain is on the verge of entering what could be its most significant bull run to date. With a potential “turbo trigger” in play and historical patterns indicating the possibility of a 65X rally, VET may be set to skyrocket toward $1. While market volatility and external factors could influence this trajectory, technical analysis and past performance suggest that VeChain has the potential to deliver massive returns in the coming years.
For investors seeking high-growth opportunities in the crypto space, VeChain is a project to keep a close eye on as it prepares for its next big move.