Velas is the real monster! Skyrocketing + Solana fork on horizon

14 Nov

Technical Analysis for VELAS Cryptocurrency

VELAS (VLX) is currently at a very low market cap, presenting a tremendous opportunity for investors and crypto enthusiasts. As one of the most promising projects in the blockchain space, VELAS is working on a groundbreaking fork of Solana, a move that could drastically enhance its scalability and performance. Once the fork is completed and the full potential of the technology is realized, the price is expected to skyrocket, positioning VELAS as one of the top contenders in the crypto market. Now is the perfect moment to closely monitor VLX, as the project is on the cusp of significant development and growth.

Market Overview:
At present, VELAS remains under the radar for many investors, with its market cap being relatively small. However, this presents a unique opportunity for those who understand the project's long-term potential. The current market conditions offer a window to enter at an attractive price point before the inevitable surge once the Solana fork is completed.

Key Fundamentals:
Solana Fork: VELAS’s primary focus is to fork Solana’s high-speed, scalable blockchain technology, which offers significant improvements in transaction speeds and lower fees compared to other blockchains.

Project Team and Development: The development team is focused on optimizing the codebase to ensure that the VELAS network will be capable of handling millions of transactions per second (TPS) without sacrificing decentralization.

Partnerships and Ecosystem Growth: VELAS has been actively seeking strategic partnerships with decentralized finance (DeFi) projects, NFT platforms, and major players in the Web3 space. As the ecosystem grows, it will bolster the demand for VLX tokens.

Technical Indicators:

Price Action: Currently, VELAS is trading in a consolidation phase after a slight dip in its price. This is typical for assets before major updates or forks are launched. Traders and investors should keep an eye on support levels around the $0.30–$0.35 range. A breakout above the resistance at $0.50 would signal the start of a bullish trend.
Moving Averages: The 50-day and 200-day moving averages are converging, which often indicates that a breakout is on the horizon. This crossover will serve as a critical indicator of a trend shift from bearish to bullish.
RSI (Relative Strength Index): The RSI currently sits below 40, indicating that VLX is in oversold territory, which suggests the potential for an upcoming rally. This could present an entry point for those looking to capitalize on the upcoming price surge.
MACD (Moving Average Convergence Divergence): The MACD is showing signs of positive momentum, and the histogram is beginning to turn upward, which could signal that the price is gearing up for an upward move.
Support and Resistance Levels:
Support Level: $0.30 is the critical support level for VELAS. Should the price dip below this level, further downside is possible, but the project’s long-term prospects make this a likely bounce point.
Resistance Levels: The first major resistance is $0.50, followed by the psychological barrier of $1. If VELAS can break these resistance levels, it could quickly gain significant upward momentum, especially with the completion of the Solana fork.

Trade Setup:
Entry Point: Now and on spot trading only!

VELAS is a high-potential cryptocurrency that is at the intersection of low market cap and major technological advancements, particularly with its Solana fork. The current price offers an enticing entry point for investors looking to position themselves before the upcoming price surge. By utilizing technical indicators and monitoring key support and resistance levels, you can develop a solid strategy to trade VELAS effectively. With the Solana fork on the horizon, VELAS is well-positioned to experience a significant rise in its value in the coming months.