VET is Likely to Resume its Upside Soon
VeChain (VET) has experienced a marginal decline of 0.3%, reaching $0.0450 for the week. However, the altcoin demonstrated remarkable performance in the previous week, surging by 73.0% and reaching its highs at $0.0510, the highest level since May 5, 2022. Overall, VET has exhibited strength with an impressive 83.0% rise in February, outperforming Bitcoin (BTC), which has added 24.0% over the same period.
This positive outlook for VeChain is attributed to the announcement of the introduction of account abstraction, allowing customization of interactions with the Ethereum (ETH) blockchain. This technology enhances access to programmable smart contract wallets, contributing to increased security. The market's response suggests that any further news on heightened developer activity could propel VET prices higher.
While a slight pullback to the support level at $0.0400 might occur to alleviate overbought conditions, the overall expectation is for VeChain to continue its rally soon.
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