VeChain ($VET), a cryptocurrency that has experienced a steady price increase of over 74% in the past year, may soon see a massive surge of over 3,000% by the end of the year, according to a well-known crypto analyst. The analyst, who has a significant following of over 45,000 on the microblogging platform X, shared their prediction that if history repeats itself, VET could reach $0.7 per token by November. To confirm this upward trend, the price will need to move above $0.054 this week.
The analyst’s analysis highlights that VeChain’s remarkable price increase in 2020 followed a trading range of 595 days. Currently, VeChain has broken through a resistance level after trading within a range for approximately 644 days. As of now, it is trading at $0.048, showing a growth of over 60% in the last 30 days.
VeChain is described by Coinbase as an enterprise-grade smart contract platform that aims to address critical data challenges in various industries by utilizing distributed governance and Internet of Things (IoT) technologies. The platform operates on a dual-token system, where VET generates another token called VHTO. VET serves as a store of value and medium of value transfer, while VHTO is used to pay for transactions on the network.
The recent surge in VeChain’s price can be attributed to the introduction of Account Abstraction (AA), a feature that enhances interoperability, user experience, and security by enabling programmable smart contract wallets.
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