A popular cryptocurrency analyst has recently suggested that the price of VeChain ($VET), a cryptocurrency that has seen its price surge by more than 74% over the past year, could soon see a significant surge of over 3,000% by year-end.
In a post on the microblogging platform X (formerly known as Twitter) shared with Martinez’s over 45,000 followers, the analyst detailed that if “history repeats itself” VET could see a bull run to $0.7 per token by November, with the price having to move above $0.054 this week to confirm the trend.
Martinez’s analysis points out that VeChain’s monumental price increase in 2020 followed a 595-day trading range. Currently, VeChain has surpassed a resistance level after trading within a range for approximately 644 days as it’s trading at $0.048 at the time of writing, up more than 60% over the last 30 days.
VeChain, according to Coinbase, is an enterprise-grade layer-1 smart contract platform that aims to harness the transformative power of distributed governance and Internet of Things (IoT) technologies to address critical data challenges impacting global industries.
The network uses a dual-token system, wherein VET generates the other token VHTO, and serves as a store of value and value transfer medium – the network’s native currency – while VHTO functions as the token used to pay for transactions on the network.
The cryptocurrency’s surge comes with the introduction of Account Abstraction (AA), which makes “interoperability seamless, but it also unlocks programmable smart contract wallets for a better user experience and improved security.”
Featured image via Pixabay.
