VeChain has spiked nearly 250% in the last 30 days, delivering stellar returns to investors in a short period. VET was trading at $0.020 in November and is now trading at the $0.066 mark in December. The leading altcoin skyrocketed in the charts in just 30 days and is among the top-performing cryptocurrencies this month. The rally is attracting heavy buying sentiments, with investors flocking towards VET for profits.
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Source: Coingecko
VeChain Kick-starts a Rally: Will VET Cross $1 Price Target?
The supply chain-based cryptocurrency had reached an all-time high of $0.281 in April 2021. It’s been more than three and a half years since VeChain failed to reclaim its lost territory. Despite the ongoing bull run, the maximum VET price surge could be 250% in a month. It needs to rise by nearly 1,450% from its current price of $0.066 to reach $1.
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It is highly doubtful that VeChain could rise 1,450% from its current price to reach $1 in the near term. The cryptocurrency market is yet to face Trump’s presidency and how his administration will manage the economy. The upcoming Trump presidency could decide the face of the global stock and the broader cryptocurrency markets.
Leading on-chain metrics and price prediction firm CoinCodex predicts that VET could reach $0.086 in Q1 of 2025. That’s another 30% from its current price and decent enough profits in the next three months. VET reaching $1 is a herculean task as the markets currently don’t support such a drastic rise.
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However, the overall sentiments remain bullish for VeChain this month as its trading volume has soared. It touched $1.1 billion in trading volume in the last 24 hours indicating that buyers are outnumbering the sellers. The more buyers enter VET and hold on to the token, the chances of it sustainably scaling up in the indices remain high.
