Velvet Price Prediction: VELVET Price Eyes $0.716 as Open Interest Falls From June Peak
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Velvet (VELVET) surged to $0.5705 after a 31.31% 24‑hour gain and a 22.84% weekly rise, with trading volume near $49 million signaling renewed crypto interest. However, the rally faces a key technical test at $0.573 and needs a break above $0.620 to turn decisively bullish, while falling open interest, elevated derivatives risk, spot outflows and airdrop speculation suggest the token’s move lacks solid support and increases downside risk.
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- VELVET’s rally faces a key $0.573 test, with a break above $0.620 turning bullish.
- Derivatives risk is elevated as falling OI clashes with aggressive recent positioning.
- Spot outflows and airdrop speculation leave VELVET’s rally without strong support.
Velvet (VELVET) has entered a high-volatility phase after a sharp price advance triggered heavy trading activity. The token trades near $0.5705 after gaining 31.31% over 24 hours. VELVET also gained 22.84% during the past seven days.
Trading volume reached about $49 million, highlighting renewed market attention. However, the rally now faces an important technical test near the $0.573 Fibonacci midpoint. A decisive move above this area could strengthen the bullish setup.
VELVET Rally Builds Above Key Support
VELVET recently broke above its previous consolidation zone between $0.48 and $0.52. The breakout …
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