VIRTUAL, the native token of the AI agents platform Virtuals Protocol, has dropped close to 10% in the past week as the crypto market struggles with downside pressure.
This downside action has seen the AI agentic token’s value plummet more than 60% in the past month.
Over the past 24 hours, VIRTUAL price has declined nearly 6%.
Whale offloads VIRTUAL tokens at $4.4 million loss
Trading activity and whale accumulation followed Virtuals Protocol’s surge as the token-led AI agent projects higher in the fourth quarter of 2024.
Notably, AI and crypto remain top narratives amid key developments in the space.
However, there’s been significant profit-taking as broader sentiment gets hit amid Trump tariffs.
It’s the scenario that has Bitcoin struggling below $100k and most top altcoins in deep red over the past month.
For Virtuals Protocol, initiatives such as ecosystem rewards and a buyback-and-burn program helped prices soar in the recent past.
However, the AI agentic project has declined considerably from its Jan. peak to see a whale that aped into the project offload their entire position.
Per on-chan data, this whale has sold all their VIRTUAL tokens.
According to Onchain Lens, the whale accumulated 4.88 million VIRTUAL, acquiring these for about $9.86 million.
They netted $5.39 million after dumping the agentic token on Feb. 9, incurring a $4.46 million loss.
Virtuals’ latest price decline comes after this offloading.
Virtuals Protocol price analysis
At the time of writing, Virtuals Protocol (VIRTUAL) price hovered near $1.29, down from highs of $3.95 in mid-January.
In the past 24 hours, the token touched an intraday low of $1.18.
Moreover, the market cap has shrunk to $759 million, way off the recent peak of $3.8 billion.
While the daily chart shows the VIRTUAL/USD pair is currently largely bearish, key indicators suggest a potential bullish flip.
The Relative Strength Index is at 30 to indicate oversold conditions.
Meanwhile, the Moving Average Divergence Convergence (MACD) line is below the signal line.
Nonetheless, the histogram suggests a weakening of the bearish resolve and the MACD points to a possible bullish crossover.
VIRTUAL price may also benefit from bullish strengthening as the Average Directional Index suggests.
If buyers reemerge, Virtuals Protocol could reclaim $2 and target the recent peak.
However, if bearish conditions persist, it could drop to support at $0.52.
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