Virtuals Protocol [VIRTUAL] has successfully launched its token on the Solana blockchain, expanding its presence within one of the most commonly used blockchain ecosystems.
Simultaneously, the project has introduced its official liquidity pool on Meteora, a decentralized finance (DeFi) platform operating within the Solana network.
In an update shared on X (formerly Twitter), the Virtuals Protocol team made the following announcement:
“As we get ready for the launch of Virtuals Protocol Solana, we have completed the bridge to Solana, and $VIRTUAL is now tradable on Meteora.”
This launch comes after VIRTUAL’s recent listing on Upbit, where the token can now be traded against KRW, BTC, and USDT, enhancing its global availability.
Significant Sale of 4.88M VIRTUAL Tokens Leads to $4.46M Loss
Shortly after the Solana launch, a large holder of 4.88 million VIRTUAL tokens, valued at $9.86 million, sold the tokens for $5.39 million, resulting in a loss of $4.46 million.
As per data from Onchain Lens, the tokens were acquired just 13 days before the sale, suggesting a short-term trading approach.
Major transactions like this often attract attention in the market, leading to speculation about the short-term price direction of the asset.
Despite this large sale, VIRTUAL continues to demonstrate strong demand, bolstered by substantial exchange listings and increased liquidity, instilling confidence in the market.
Price Movement of VIRTUAL and Important Market Levels
Following its integration with Solana, VIRTUAL experienced an 18% surge within a 24-hour period, reaching $1.39. However, over the last week, the token has dropped by 2.94%, bringing its market capitalization to $898.36 million, with a 24-hour trading volume of $254.25 million.
Currently, $1.40 acts as a crucial resistance level, representing the highest point on the chart. A breakout above this level could result in further gains, with $1.50 being the subsequent target for buyers.
On the downside, $1.35 might serve as a support level, considering its recent resistance-turned-support history. In the event of a pullback, $1.25 and $1.20 are essential zones where buyers previously intervened, potentially offering substantial support.
Increasing Market Activity and Positive Momentum
According to Coinglass data, VIRTUAL’s trading volume has surged by 60.35%, reaching $362.15 million, reflecting heightened market participation.
Open Interest has also increased by 25.93%, now standing at $140.53 million, indicating growing trader commitments and the possibility of heightened volatility ahead.
Market signals suggest persistent bullish sentiment. Data from Coinalyze indicates that VIRTUAL is forming higher highs and higher lows, confirming a robust uptrend following a consolidation period around the $1.10 – $1.20 range.
Presently, the Aggregated Funding Rate is at 0.0072, while the Predicted Funding Rate stands at 0.0112, suggesting that traders are willing to pay a premium to hold long positions, signaling increased confidence in potential price appreciation.
Powered by the current bullish momentum, VIRTUAL could soon challenge the $1.50 resistance level given a continuous uptick in demand.
Nevertheless, traders should stay vigilant for possible retracements around $1.30, as profit-taking at existing levels may trigger temporary corrections before another upward move.