- VeChain has posted significant gains over the past 24 hours.
- Trading volume remains consistently high.
- Anticipation mounts over Sunny Lu’s big reveal.
Many were surprised during the tail end of 2023 when VeChain, a project considered dead and buried by some, posted a yearly high. A breakout on February 16 that surged to a 96-week high was a further signal that the veteran project was staging a comeback.
However, a period of consolidation followed the 96-week high, leading to a cooling of anticipation. But in a renewal of comeback expectations, VeChain has posted 8% gains over the last 24 hours, ahead of founder Sunny Lu’s major announcement this week.
VeChain Momentum Holds
VeChain stoked renewed expectations of a comeback after posting 8% gains over the past day, recording an intraday high of $0.0498 on February 26. Profit-taking took the price marginally lower to $0.0481 at the time of writing. However, VET has managed to retain most of its gains and is poised to retest the $0.0515 resistance level achieved on February 16.
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2024 has been a rollercoaster ride for VeChain, opening the year at $0.0366 off its Q4 2023 resurgence only to trend lower. The downtrend found support at $0.0247 on January 23, with the resultant bounce triggering a 108% peak gain by February 16.
VeChain’s daily trading volume, which floated around $30 million for some time, surged to $133 million on February 15 and went as high as $511 million the next day. This suggests that the project is undergoing a revival in adoption and interest. Since the February 16 year-to-date peak in price, volume has remained consistently higher, closing yesterday at $68.5 million.
This sustained trading volume and market interest provide the perfect backdrop for VeChain founder Sunny Lu’s upcoming talk at the Mobile World Congress (MWC) in Barcelona.
Anticipation Mounts Over Sunny Lu’s Big Announcement
Lu is scheduled to speak at MWC 2024 on February 28 in a session titled “Partners to Game Changers.” The session will also feature Jim Dukovny, CEO of Alef Aeronautics, and Konstantin Novoselov, a physics professor at the University of Singapore, in which the trio will discuss technical innovations poised to transform daily life.
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The VeChain founder is set to give a “big announcement” during the session and will host an AMA immediately following the talk. While speculation is growing on what the announcement entails, VeChain remains tight-lipped.
On the Flipside
- VeChain ranked the 13th largest crypto in April 2021 with a market cap of $16.3 billion.
- Broader crypto momentum has lifted other altcoins higher recently, not just VeChain.
- Crypto is known for announcements of the announcement, which typically end in disappointment, including Trust Wallet’s recent tease.
Why This Matters
After an extended period in the doldrums, VeChain is readying for a sensational comeback. While on-chain metrics suggest fundamental support for a comeback, announcing an announcement is risky in the fickle world of cryptocurrency investing. For now, VeChain holders wait in anticipation of Lu’s big reveal.
Read more about the early signs of VeChain’s comeback here:
Sleeping Giant VeChain Suddenly Wakes from Slumber
The OTCPro exchange mistakenly credits a man with $600k; read more here:
Crypto Exchange Gifts Aussie Man $600K That Wasn’t His
