Virtual Protocol (VIRTUAL) Token Rockets to 2-Month High

Virtual Protocol, a decentralized platform for creating and monetizing AI agents, has seen a sharp uptick in user activity over the past few days.

Virtual Protocol, a blockchain platform specializing in decentralized AI agents, has seen a sharp uptick in user activity over the past few days. This has fueled a surge in demand for its native token, VIRTUAL. According to on-chain data, the number of unique wallets holding Virtual Protocol’s AI agent tokens has increased significantly across the Base and Solana networks.

The surge in wallet activity began on June 14, with a 95% spike in the number of unique active wallets holding Virtual Agents’ tokens, as visualized by Dune Analytics. This spike highlights growing user engagement with the platform’s ecosystem, as more participants join to create, deploy, and interact with decentralized AI services.

This influx of users has also driven a rally in the VIRTUAL’s price, which has climbed by 161% over the past week.

As seen in the chart above, buying pressure on VIRTUAL has intensified as users and institutions alike seek to participate more actively in the protocol.

Technical Analysis: CMF Shows High Demand For VIRTUAL

Readings from VIRTUAL’s Chaikin Money Flow (CMF) indicator, which tracks capital accumulation into an asset, confirm the high demand for the altcoin. At press time, this momentum indicator is above the zero line and in an upward trend at 0.23.

When an asset’s CMF is above zero, buying pressure exceeds selling activity among market participants. This trend, coupled with VIRTUAL’s rising price, is a significantly bullish signal, hinting at an extended rally where the token could record new multi-month highs.

However, if the CMF falls below the zero line, it would suggest that selling activity is overpowering buying pressure, which could lead to a reversal of the token’s price gains.

Triple-Digit Spike Could Push VIRTUAL To $2.25

VIRTUAL’s triple-digit spike over the past week has pushed its price above the key resistance of $1.44. If demand strengthens and the bulls retain market control, the altcoin could extend its current gains and climb toward $2.25, a high it last reached on January 31.

But short-term caution may be warranted as technical indicators such as the Relative Strength Index (RSI) show that VIRTUAL currently trades in overbought territory. At press time, the momentum indicator is 83.92, indicating that the altcoin is significantly overbought and is due for correction.

If profit-taking activity commences, VIRTUAL could lose some gains, fall below $1.44, and target $0.96.