The VeChain cryptocurrency (#VET) is showing significant growth in November 2024, attracting interest among investors. After breaking through significant resistance levels, the token has strengthened its position in the market. Let's consider the main reasons for growth, numerical indicators, and long-term prospects.

Main reasons for growth

  1. Partnerships with large companies
    VeChain is actively developing collaborations with corporations such as Walmart China, BMW, and PwC. These partnerships allow for the implementation of blockchain solutions for supply chain management, creating additional demand for the VET token. For example, VeChain is used to track food deliveries in China, ensuring transparency and quality control.

  2. Blockchain solutions for supply chains
    The application of VeChain in the real economy is a key driver of its growth. According to the company, by 2024, over 1.2 billion transactions have been processed using its blockchain platform VeChain Thor. This confirms the popularity of the technology in industries such as healthcare, retail, and logistics.

  3. Technical indicators
    On the charts, the VET token broke through resistance levels of $0.03 and $0.035, $0.042 in November, signaling a transition to a bullish trend. According to CoinGecko, the cryptocurrency has increased by more than 28% in the last 30 days. Technical indicators RSI and MACD also confirm the upward trend, remaining in the overbought zone.

  4. Overall growth of the crypto market
    VeChain benefits from the overall revival in the cryptocurrency market. For example, since September 2024, Bitcoin has increased by more than 15%, which has supported demand for altcoins, including #VET.

Numerical indicators and analytics

  • Market capitalization: VeChain ranks 35th among all cryptocurrencies with a capitalization of around $3.5 billion (as of November 2024).

  • Trading volume: The daily trading volume has increased by 40%, reaching $200 million in the last 7 days.

  • Current price: At the time of writing, the token is trading in the range of $0.041–0.044.

Prospects for VeChain

  1. Price growth forecasts
    According to data from the analytical platform WalletInvestor, VET could reach a price of $0.10 by the end of 2025. However, more optimistic forecasts indicate the possibility of growth to $0.20 if the cryptocurrency market continues to move upward.

  2. Ecosystem development
    VeChain is actively developing DeFi platforms and integration with Web3, which may increase the utilization of the token. In 2024, the project announced the launch of several new applications for the ecosystem, including solutions for carbon credits and intellectual property management.

  3. Positions in the altcoin market
    VeChain demonstrates resilience in a highly competitive altcoin market. Its unique technological advantages, such as the dual token VET/VTHO, ensure its competitiveness.

  4. Prospects in the institutional environment
    The involvement of large companies and the pursuit of integrating blockchain solutions into business processes make VeChain an interesting asset for institutional investors.

Forecasts and risks

Although the current dynamics of VeChain look optimistic, it is important for investors to consider risks such as potential market corrections and high volatility. However, the use of technology in real business processes and support from major players increases the chances of long-term success.