VIRTUAL Token Surges 400% Amidst Mixed Fundamentals

Virtual Protocol (VIRTUAL) experienced a significant resurgence in April 2025, recovering from a 90% drop earlier in the year. The token's price surged by over 400% since April 9, breaking through long-standing resistance and reaching a new two-month high. This dramatic increase has rekindled optimism and investor interest in the VIRTUAL token. However, the sustainability of this rally remains uncertain given the current data.

Despite the impressive price performance, the on-chain fundamentals of the VIRTUAL token present a contrasting picture. Since the beginning of 2025, user engagement and the utility of the VIRTUAL Protocol have been declining. Daily revenue from the AI agent has plummeted from over $1.5 million in January to below $50,000 in April. The Base Virtuals applications, once a significant revenue contributor, have become nearly inactive, and the creation of new AI agents has stalled. Most of the current income is derived from previously deployed sentiment AI agents, indicating a lack of fresh momentum within the ecosystem.

Interestingly, despite the decline in revenue, crypto wallet activity has started to rise. In the past five days, the number of unique active wallets for VIRTUAL on Base and Solana has increased by 95%. This spike could indicate renewed interest among users, potentially driven by short-term speculative buying or the deployment of existing agents. Whether this uptick will translate into sustainable engagement remains to be seen.

As of April 29, 2025, the price of the Virtual Token is trading at $1.4488, showing a 3.32% increase from the previous close. This upward trajectory is part of a broader surge in the VIRTUAL price, which has risen by over 400% since early April, driven by heightened investor interest and increased AI agent activity on the platform.

From a technical analysis perspective, the VIRTUAL surge that took place after the breakout of the $1.45 resistance is a significant development. Indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) remain in bullish territory. Although the RSI indicates that the asset is overbought, currently at 83.9, it has yet to show a definite bearish divergence. The Chaikin Money Flow (CMF) indicator also supports a bullish trajectory, with a strong +0.23, suggesting robust capital flow.

However, investors should exercise caution, as the Elliott Wave count points to a complete five-wave upward pattern. This implies that the ongoing rise could be part of an A-B-C corrective move rather than the start of a new long-term trend. The third wave of the current pattern has extended 3.61 times the length of wave one to a common termination point. Moreover, a bearish divergence is forming on the six-hour RSI chart, indicating an environment of retraction. If a correction begins, the price may fall to the $0.96-$0.97 range before finding new support.

The question remains: can the VIRTUAL Protocol token reach the $2.25 mark again? If the bullish momentum continues and buying pressure remains high, the VIRTUAL token could attempt to retest the $2.25 level last seen in January. To achieve this, it must hold above the $1.44 support zone and continue to attract active participation and protocol usage.