VeChain (VET), a veteran layer one (L1) blockchain geared towards the democratization of smart contracts through environmentally friendly solutions, has enjoyed robust ecosystem growth to guarantee bullish performance. The mid-cap altcoin, with a fully diluted valuation of $3.8 billion and a daily average trading volume of around $124 million, has rallied around 12 percent in the past seven days.
As a result, it is safe to assume VET price is gearing up for a fresh bullish uptrend in the near term after forming a reversal weekly pattern. Moreover, the slowdown on Bitcoin’s bullish outlook is expected to yield a fresh altseason before the pre-halving rally happens.
The VeChain ecosystem has grown into a vibrant web3 ecosystem. Some of the notable DeFi platforms leveraging the VeChain network include APEWorld, vet.domains, VTHO Exchange, Vechain Rewards, Empty Wallet, Fiat On-Ramp, Mugshot, Cleanify, SQUAD VeChain, and VeBetterDAO, among many others.
However, the VeChain network is focused on dominating the management of global supply chains. Consequently, the VeChain network has attracted notable enterprises to leverage its technology.
Some of the notable enterprises leveraging the VeChain network include BMW, Walmart China, Groupe Renault, AT&T, T-Mobile, and LVMH, among others.
The VeChain team has launched several products including VORJ, a no-code smart contract platform. The latest product dubbed Marketplace-as-a-Service (MaaS) is marketed as a no-code digital asset tokenization platform.
Since rebounding from the bear market lows late last year, VET price has formed a rising trend, characterized by higher highs and higher lows. Having invalidated the macro bear market pressures, the VET price is undeniably aiming to retest an all-time high (ATH) soon.
From a technical standpoint, the next major liquidity zone for VET price is between $0.064 and $0.088, which also coincides with the 1.618 and 2.618 weekly Fibonacci Extension.
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