Digital currency Virtual Protocol (VIRTUAL) soars by 400% in April, but on-chain analytics indicate diminished expansion.
In a thrilling turn of events, Virtual Protocol (VIRTUAL) has stormed back to glory in April 2025, overcoming a staggering 90% dip earlier in the year. After April 9, this token has experienced a jaw-dropping surge of over 400% and shattered its long-established resistance, reaching a two-month peak. This electrifying rally has rekindled hope and fascination with the VIRTUAL token, but the question lingers: can this upward trend endure, given the current statistics? Let's delve deeper into the world of VIRTUAL for a comprehensive understanding.
A Mixed Picture Paints a Cautious Landscape
Despite the astounding price gains, the on-chain core of the VIRTUAL token tells a tale of contrast. Since the beginning of 2025, engagement and the utilization of Virtual Protocol have seen a downward spiral. Daily revenue generated by the AI agent plunged from over $1.5 million in January to less than $50,000 in April. The Base Virtuals applications, once substantial revenue sources, have largely fallen dormant, and the creation of new AI agents has ceased. The majority of the remaining income stems from previously deployed sentiment AI agents, hinting at a void of fresh energy within the ecosystem.
Soaring Crypto Wallet Activity on Base and Solana
Remarkably, despite the revenue dip, the activity among crypto wallets has begun to escalate. In the past five days alone, the number of unique, active wallets for VIRTUAL on Base and Solana has soared by an impressive 95%. This spike may suggest rekindled interest from users, perhaps tied to short-term speculative purchases or the deployment of existing agents. Whether this uptick leads to long-lasting engagement remains to be seen.
Technical View: Momentum for the Short Term
As of April 29, 2025, the price of the Virtual Token stands at $1.4488, indicating a 3.32% increase, or +0.0465, from the previous close. This uptrend is part of a broader rally in the VIRTUAL price, which has grown by over 400% since early April, fueled by gathering investor attention and increased AI agent activity on the platform.
From a technical viewpoint, the recent breakthrough of the $1.45 resistance by VIRTUAL is a significant event. Technical indicators such as the Relative Strength Index (RSI), the Moving Average Convergence Divergence (MACD), and the Chaikin Money Flow (CMF) remain bullish. Although the RSI indicates that the asset is currently overbought (nearly 84), it has yet to show a definite bearish divergence. The CMF, too, supports a bullish trajectory, with a strong +0.23, suggesting robust capital influx.
Wave Count Suggests a Potential Interim Peak
However, for investors, caution is advised, as the Elliott Wave count indicates a potential complete five-wave upward pattern, suggesting that the ongoing rise could be part of a corrective A-B-C move rather than the start of a new long-term trend. The third wave of the current pattern has stretched 3.61 times the length of wave one to a common endpoint. Furthermore, a bearish divergence is forming on the six-hour RSI chart, suggesting an environment ripe for recession. If a correction starts, the price may dip to the $0.96-$0.97 range before discovering new support.
Can VIRTUAL Touch $2.25 Again?
The question now is, can the VIRTUAL Protocol token reach the $2.25 mark once more? Indeed, if the bullish momentum persists, and demand remains strong. If the VIRTUAL token can hold above the $1.44 support level and continue to attract active participation and protocol usage, it could retest the $2.25 level last seen in January.
- The on-chain activity of the VIRTUAL token reveals a contrasting picture, with declining engagement and revenue since the beginning of 2025.
- Unexpectedly, the number of active crypto wallets for VIRTUAL on Base and Solana has surged by 95% in the past five days.
- As of April 29, 2025, the price of the VIRTUAL token stands at $1.4488, showing a 3.32% increase, with technical indicators remaining bullish.
- However, the Elliott Wave count suggests a potential complete five-wave upward pattern, implying that the ongoing rise could be part of a corrective A-B-C move.
- A bearish divergence is forming on the six-hour RSI chart, hinting at a possible correction and potential dip to the $0.96-$0.97 range.
- If the bullish momentum persists and demand remains strong, the VIRTUAL token could retest the $2.25 level, the last seen in January.
- Caution is advised as the uptrend's endurance is questionable given the current statistics and the potential for a correction.
