The Virtuals Protocol [VIRTUAL] has successfully initiated the release of its token on the Solana blockchain, signaling an expansion into one of the most popular blockchain networks.
Simultaneously, the project has unveiled its official liquidity pool on Meteora, a decentralized finance (DeFi) platform operating within the Solana ecosystem.
In a recent X (previously Twitter) post, the Virtuals Protocol team shared,
“As part of the Virtuals Protocol Solana launchpad preparation, the successful integration with Solana has been completed, and $VIRTUAL can now be traded on Meteora.”
This launch follows the recent listing of VIRTUAL on Upbit, where traders can now participate in transactions against KRW, BTC, and USDT, broadening its global reach.
Massive 4.88M VIRTUAL Offload with a $4.46M Loss
Subsequent to the Solana launch, an entity holding 4.88 million VIRTUAL tokens valued at $9.86 million recently sold these assets for $5.39 million, incurring a loss of $4.46 million.
As per findings by Onchain Lens, the tokens were acquired just 13 days before the sale, indicating a short-term trading strategy.
Despite the exit of the large holder, the demand for VIRTUAL is robust, with prominent exchange listings and enhanced liquidity bolstering market confidence.
VIRTUAL Price Movement and Crucial Market Levels
Post its integration with Solana, VIRTUAL recorded an 18% surge within a 24-hour timeframe, reaching $1.39. Nevertheless, the token witnessed a 2.94% decline over the past week, bringing its market capitalization to $898.36 million, with a 24-hour trading volume of $254.25 million.
At the present price point, $1.40 serves as a significant resistance level, representing the peak on the price chart. An upward breakthrough beyond this threshold could pave the way for further upticks, targeting $1.50 as the subsequent objective for buyers.
On the flip side, $1.35 may now function as a support level, given its recent role as a resistance that the price overcame. In case of a retracement, $1.25 and $1.20 stand out as crucial zones where buyers previously intervened, potentially offering robust support.
Surging Market Activity and Optimistic Momentum
According to figures from Coinglass, the trading volume of VIRTUAL has surged by 60.35%, reaching $362.15 million, indicating heightened market participation.
The Open Interest has also ascended by 25.93%, currently standing at $140.53 million, suggesting increasing trader engagement and hinting at potential upcoming market volatility.
Market indicators portray a sustained bullish sentiment. Insights from Coinalyze reveal that VIRTUAL is shaping higher highs and higher lows, affirming a sturdy uptrend post a consolidation phase around the $1.10 – $1.20 range.
At the time of reporting, the Aggregated Funding Rate displayed 0.0072, while the Predicted Funding Rate was calculated at 0.0112, signifying that traders are willing to pay a premium to retain long positions.
This trend signals a heightened confidence in potential price appreciation.
With the current bullish momentum, VIRTUAL could potentially challenge the $1.50 resistance level as demand continues to surge.