Virtuals Protocol (VIRTUAL) token continued rising and is hovering at its highest point

Virtuals Protocol (VIRTUAL) token continued rising and is hovering at its highest point since January 31 as smart money investors’ accumulation accelerated.

Virtuals Protocol (VIRTUAL) token hit $2.15 on Tuesday, its highest level since January 31, and 375% above its April low.

The token rose as demand for AI agents in its ecosystem increased. Some of the top performers recently were Aixbt, Ribbita, Toshi, Keyboard Cat, and Luna.

Toshi has over 611,000 holders, while Keyboard Cat and aixbt had over 483,500 and 325,000, respectively.

Nansen data shows that the number of smart money investors holding VIRTUAL has continued increasing. There are now 115 of these investors, up from 71 in April, and 13 in October last year.

Smart money investors are normally seen as being more sophisticated and experienced than retail investors. As such, their purchases are a sign that they expect the coin’s price to keep rising in the coming weeks.

Additional Nansen data shows that the net flow to exchanges in the last seven days was negative 7.2 million tokens. A negative net flow indicates that more coins are being withdrawn from exchanges than deposited, a sign that investors are confident the coin will continue performing well.

VIRTUAL price technical analysis

The daily chart shows that the VIRTUAL price bottomed at $0.4213 in April and has bounced back by over 375% to $2.05. It has formed a mini golden cross as the 50-day and 100-day Exponential Moving Averages have crossed each other.

The Virtuals Protocol token also wants to cross the first support of Andrew’s Pitchfork tool. Most importantly, it is slowly forming a cup and handle pattern whose upper side is at $5.1050, which is 148% above the current level.

The cup has a depth of about 92%, meaning its potential target is $9.80, up 375% from its current level. This target is derived by measuring 92% of the cup’s upper side. A drop below the support at $1 will invalidate the bullish outlook.