As Vechain social activity continues to spike in 2024, the native token of the enterprise-grade L1 blockchain VET has been forecasted to reach $1.8 in the coming months.
The widely followed crypto analyst Egrag shared this price projection for VET on Saturday, noting that the crypto asset has entered a bullish cycle. According to him, the peak of this bullish cycle, expected in October 2024, could skyrocket VET’s price to the $1.8 level.
VET To $1.8
Using a one-month timeframe to analyze VET’s price action, Egrag noted that the token has entered a descending channel, tagging it a bullish indicator. Moreover, the technical analysis expert marked $0.062 as the most critical price level for VET.
Per the shared chart, closing above $0.062 would steer VET price toward $0.99 and ultimately, the predicted cycle top target —$1.8— which intersects at the end of the descending channel and Fib 1.618 on October 2024.
Meanwhile, “getting rejected from this price target ($0.062) will result in a decent drop,” Egrag remarked, highlighting the following key support levels to watch — $0.0497, $0.025 and $0.0135.
Rising VeChain Social Activity
VeChain social activity has been on the rise in recent months following the stellar performance of VET in the crypto market. Social intelligence platform LunarCrush reported the positive development on Friday.
LunarCrush data showed that VET-related social posts increased by over 718% in the last three months. Likewise, the number of creators posting about the leading enterprise-grade layer-1 blockchain is up 433.9% since November 2023.
These two social metrics are expected to improve as VET continues to rally alongside several crypto assets, including BTC, SHIB, XRP and ADA. Changing hands at $0.05 at press time, the crypto asset is up over 75% in the last 30 days.
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