VeThor Token (VTHO), the gas token powering transactions on the VeChainThor blockchain, recently underwent a striking price surge, soaring from $0.00167 to a peak of $0.003399 on Binance in just one day, before settling at $0.002891, reflecting a 39.1% gain over 24 hours. This impressive rally coincided with an extraordinary 24-hour trading volume of $504.88 million, underscoring a wave of heightened market enthusiasm and participation. Why is the VeThor token price rising? A key catalyst behind this surge appears to be the April 14, 2025, announcement that UFC CEO Dana White joined VeChain’s advisory board, signaling a major push toward mainstream blockchain adoption. White, paired with Nobel Prize-winning physicist Sir Konstantin Novoselov, is poised to elevate VeChain’s profile, particularly through its sustainability-focused initiative, VeBetterDAO, which could amplify VTHO’s utility. With UFC’s massive global audience reaching over 950 million households, White’s involvement might significantly increase awareness and engagement with VeBetterDAO, a platform that rewards eco-friendly actions with B3TR tokens and relies on VTHO for transaction fees. Another contributing factor is the anticipated VeChain Renaissance upgrade slated for 2025 , promising improved security, decentralization, and Ethereum Virtual Machine (EVM) compatibility, which could draw more developers and businesses to the ecosystem. Will the VTHO sustain the bullish rally? Technically, the VeThor price chart has flashed a number of bullish signals including a breakout from a 3-month descending wedge, a bullish divergence on 4-hour and daily charts, and the price crossing above the 20-day moving average for the first time in 90 days. VeThor token price chart by TradingView However, the rally’s sustainability faces challenges as a bearish candlestick has emerged on the daily chart, hinting at potential selling pressure or profit-taking after the rapid ascent. Compounding this, the Relative Strength Index (RSI) has turned bearish on the daily chart, just shy of the overbought threshold, with prior readings of 85.66 on the 4-hour chart and a StochRSI at 93+, suggesting the token may be overstretched and ripe for a pullback. In the short term, these bearish indicators imply VTHO could see consolidation or a retreat, particularly if it fails to breach the $0.00335 resistance level, with $0.002065 acting as a critical support zone. However, despite these near-term hurdles, VTHO’s long-term potential remains promising if VeChain’s ecosystem expands through initiatives like VeBetterDAO and high-profile partnerships, such as the Power Slap sponsorship deal, which could sustain demand. The token’s built-in burn mechanism, destroying 70% of VTHO used in transactions, offers additional price support by gradually reducing supply, a dynamic that could prove significant as network activity grows. Ultimately, while the recent doubling of VTHO’s price was propelled by impactful developments and strong technicals, its ability to maintain the rally may falter short-term due to bearish signals, though sustained adoption and ecosystem growth could pave the way for future gains if key resistance levels are overcome. The post VeThor token surges nearly 2x: what’s driving VeChainThor’s rally? appeared first on Invezz
