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- VeChain (VET) has broken out of the bull flag it has been trading in for the past few days, indicating a bullish rally is impending, which could push it to $0.056, says one analyst.
- VeChain has a history of massive gains, and with its ecosystem now larger than ever, it can sustain these gains in the long term.
VeChain has been one of the best performers in the top 50 coins over the past week, gaining nearly 40% in that time. According to one analyst, this momentum has pushed VET to breach a bull flag it had traded in for a few days, setting it up for a surge in the short term.
VET trades at $0.04288 at press time. In the past day, it has gained over 6%, taking its market cap to $3.47 billion.
VET has been riding a positive wave over the past month, which was kicked off by Donald Trump’s election victory in the November 5th polls. While some early frontrunners like Dogecoin have lost their momentum, VET has continued climbing. In the past week, the token surged 38%, bringing its total gains for November to 97%.
Despite the gains, VET is still trading way below its all-time high, which it hit in April 2021. At $0.04288, VET is 85% below its ATH of $0.287 and would need to surge by 572% to get back to these highs.
However, according to analyst Ali Martinez, VET could be on track for a 30% price increase over the next few days. The analyst noted that the recent gains had pushed the token out of a bull flag, with the next resistance at $0.056.
#VeChain $VET appears to break out from a bull flag, which suggests a 30% price surge to $0.056! pic.twitter.com/O7iOdsarsi
— Ali (@ali_charts) November 24, 2024
What’s Next for VeChain (VET)
VeChain has long been brushed aside by many analysts as an “old coin” that can only record modest gains in the bull rally. With newer, shinier toys like WIF, BONK, POPCAT and now PNUT taking the spotlight, VET has been relegated to the sidelines. However, this bull rally has revived many of the coins that analysts had dismissed, from XRP to Cardano’s ADA, which both gained over 180% in November. Stellar’s XLM, yet another “old coin,” has surged a staggering 440% in that time.
VET doubled its price in November, and analysts say it’s likely to continue surging toward the end of the year. This would be in line with similar surges in the past when VeChain set the pace for the sector. Back when it was an ERC-20 token known as VEN, the token surged 18,800% in the last four months of 2017. In the bull rally of 2020, VET then shot up another 17,000%.
Back then, the VeChain ecosystem was much smaller. Today, it has brought some of the world’s largest brands onboard, from the UFC and Groupe Renault to Walmart and BMW. Through its partnership with the Boston Consulting Group, it’s also changing sustainability globally through the VeBetterDAO. It has also expanded its initiatives in the tokenization arena as it vies for the $16 trillion-by-2030 pie.
