Virtuals Protocol (VIRTUAL) Surges 183%, Poised for More Gains as Institutional Interest Climbs

While the broader crypto market struggled to find direction in April, VIRTUAL bucked the trend to record significant gains. The altcoin has soared 183% over the past month, standing out as one of the few tokens to record substantial gains in an otherwise lackluster market.

VIRTUAL is up 22% in the past 24 hours, making it the top-performing crypto asset today. It is poised to continue its rally, especially as institutional interest grows.

Smart Money Fuels VIRTUAL’s Rally

VIRTUAL initiated its uptrend on April 22 and has consistently marked new daily price highs since then. As its price climbs, there has been a corresponding rise in its Smart Money Index (SMI), which currently stands at 3.07.

VIRTUAL SMI. Source: TradingView

The SMI indicator tracks the trading activity of institutional investors, often referred to as the “smart money.” It analyzes intraday price movements, focusing on the first and last trading hours.

When the SMI rises with an asset’s price, major investors are accumulating positions, reflecting growing confidence in the asset’s upward momentum. The current uptick in VIRTUAL’s SMI suggests that institutional players are actively accumulating the token, likely positioning for further gains.

Further supporting the bullish outlook is the token’s rising Chaikin Money Flow (CMF). As of this writing, this momentum indicator stands at 0.25 and remains in an upward trend.

VIRTUAL CMF. Source: TradingView

The CMF indicator measures money flow into and out of an asset. A rising CMF like this reflects increased capital inflows and positive sentiment among traders.

Therefore, VIRTUAL’s CMF reading reinforces its price surge and hints at the potential for a continued rally in the short term.

VIRTUAL’s Price Action Hints at Further Upside

VIRTUAL’s triple-digit rally since April 22 has caused it to trade within an ascending parallel channel. This pattern is formed when an asset’s price consistently makes higher highs and higher lows, moving within two upward-sloping, parallel trendlines.

It signals a bullish trend, suggesting that the asset’s price may continue rising as long as it stays within the channel. If demand strengthens and VIRTUAL climbs, remaining within the channel, it could trade at $2.26.

VIRTUAL Price Analysis. Source: TradingView

However, a resurgence in profit-taking activity will prevent this bullish projection. If selloffs begin, the VIRTUAL token could lose recent gains, break below $1.55, and fall toward $0.96.

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