VeChain (VET) breaks downtrend amid rising derivatives activity

VeChain (VET) has shown signs of a potential trend reversal after breaking a long-term descending trendline. The token recently climbed over 12% to approximately $0.00655, moving above its previous accumulation range of $0.0050 to $0.0055.

This price movement is supported by a significant increase in derivatives activity. VET’s 24-hour futures volume rose by 196.52% to $55.48 million, while open interest increased by 28.53% to $37.60 million. While the token has reclaimed key short-term moving averages, it still faces technical resistance levels that will require sustained buying pressure and volume to overcome.

On a fundamental level, VeChain is progressing through its Interstellar phase, which focuses on improving Ethereum compatibility. The proposed VIP-255 upgrade aims to incorporate execution-layer improvements similar to Ethereum’s Cancun, Prague, and Osaka upgrades, enhancing developer tooling and EVM-based application compatibility.