The cryptocurrency VIRTUAL surged 16% to $0.579, marking one of the strongest short-term gains in the recent market rebound. The rally coincided with a 17% increase in perpetual futures open interest to $55 million, signaling leveraged capital inflows. However, spot trading volume fell 36% to $110 million, and a key divergence in trader sentiment on Binance raises questions about the move’s sustainability as the asset tests critical chart support.
Virtual Protocol’s VIRTUAL recorded a significant short-term price move, gaining 16% to trade at $0.579. The rally occurred alongside improved liquidity and broader market recovery hopes, though a 36% drop in spot volume questioned its sustainability.
Capital inflows were concentrated in the perpetual futures market, where open interest rose 17% to $55 million according to CoinGlass data. The aggregate long-to-short ratio remained above 1 at 1.012, indicating buyers controlled more volume as liquidations hit short positions.
In contrast, Binance data presented a different picture, with its long-to-short ratio at 0.732. This divergence suggests sellers dominate activity on that exchange, which could exert downward pressure if momentum persists.
On the daily chart, VIRTUAL is trading near a historical demand zone that has triggered rebounds before. A failure to hold this level could expose the asset to a 48% decline toward $0.28.
Price action is confined within a descending channel nearing its resistance line. Momentum indicators like the Relative Strength Index (RSI) have rebounded from oversold territory, signaling renewed buying interest.
The broader altcoin market context remains weak, with the Altcoin Index reading 26. This indicates altcoins are underperforming Bitcoin, likely constraining longer-term upside until sentiment improves.
