As the overall cryptocurrency market reacted to the FOMC rate hikes, Venice Token [$VVV] has also reaped the gains. $VVV has surged by 15% over the last 24 hours, with trading volume climbing to $67.90 million over the same period.
More interestingly, the token rallied as the network’s Open Interest (OI) surged, while long positions slightly outweighed shorts across the derivatives market. So, can the bulls sustain the momentum?
OI rises as longs take the lead
According to the recent derivative data, $VVV’s OI jumped by 15% to $125 million over the past 24 hours as of writing, signaling increased participation in the derivatives market.
Going hand in hand, long positions account for 50.58% of total market exposure, giving buyers a narrow edge as the token extends its rally.
Staking activity reaches a new high
On the long-term sentiments data, Venice Token’s staking volume has also reached a new all-time high of $874 million, at press time. That points to the stronger participation in $VVV’s staking ecosystem.
Meanwhile, network revenue has climbed to its highest level this month as a result of increased market activity, adding another positive fundamental backdrop to the recent price surge.
Notably, the $VVV integration with the NEAR protocol could have played a role in the revenue increase.
Will $VVV’s price hit $30?
With spot volume, OI, staking activity, and revenue all moving higher, $VVV’s rally is being supported by stronger market and network activity.
Notably, on the daily chart, the token price action is holding its bullish push since the consolidation breakout a few weeks ago.
$VVV’s price action has respected the support level at $21.50, and it is still trading above all its key EMAs. The next question is whether buyers can maintain that momentum as positioning becomes increasingly bullish.
As it stands, the liquidity cluster worth $22.72 million around the next resistance at $30 highlights it as a key target for the network’s bulls. Moreover, given that $VVV’s price action has a tendency to retest zones with large unmitigated liquidity clusters.
Final Summary
- $VVV jumped by 15% as trading volume surged to $67.90 million, signaling stronger market activity.
- The network’s open interest rose significantly alongside staking volume, keeping bulls in focus.