I’ve been watching $VELVET closely because the chart has completely changed character over the last few candles. Price was sitting around $0.42, then buyers suddenly stepped in with massive volume and pushed the token all the way toward $0.8887. That is an aggressive move, and it tells me there is strong short-term interest in this market.
Right now, $VELVET is trading around $0.6016, up roughly 38.94% in 24 hours, while the 24H range is sitting between $0.4291 and $0.8887. Volume is also very high, with approximately 493.71M VELVET traded, equivalent to around 334.73M USDT.
The interesting part for me is what happened after the pump.
The first major candle pushed price vertically higher, but sellers immediately appeared near the $0.88–$0.89 area. That rejection created a long upper wick and price started cooling down. Since then, we’ve seen several smaller candles forming around the $0.58–$0.65 region.
To me, this looks like the market is trying to find a new balance after an extremely aggressive expansion.
📊 Key Levels I’m Watching
Immediate support: $0.58–$0.60
This is the area where price is currently trying to stabilize. If buyers continue defending this zone, another recovery attempt becomes possible.
Major support: $0.50–$0.52
If $0.58 breaks with strong selling pressure, this is the next area I would watch. A deeper retracement toward this zone would still keep the larger breakout structure alive.
Resistance: $0.65–$0.71
This is the first important supply region above the current price. A clean breakout and hold here could bring momentum back quickly.
Major resistance: $0.80–$0.89
This is where the previous explosive move was rejected. The $0.8887 high is the key breakout level. Until price gets back above this zone, I wouldn’t assume another vertical move is guaranteed.
🔥 What Volume Is Telling Me
The volume profile is probably the biggest thing catching my attention.
The initial breakout came with a huge volume spike, which confirms that the move wasn't simply a quiet price fluctuation. But after the spike, volume started declining while price consolidated.
That can be healthy if buyers are absorbing the available supply. However, it can also mean that the initial hype is cooling down.
So I’m not chasing the candle here.
I’d rather see whether buyers can defend the current range and gradually push price back toward $0.65–$0.70.
If that happens with increasing volume, the structure becomes much more interesting.
🎯 My Current View
From what I’m seeing on the 1H chart, VELVET is in a post-pump consolidation phase.
The market has already delivered a huge move from roughly $0.42 to $0.89, so volatility should be expected. I would be careful about entering blindly after such a massive expansion.
My bullish scenario is simple:
$0.58–$0.60 holds → $0.65 breaks → $0.70+ becomes possible → $0.80/$0.89 comes into focus.
But if sellers take control and price loses $0.58, I’d expect the market to search for lower liquidity, with $0.50–$0.52 becoming an important area to monitor.
For me, the next move is less about predicting a number and more about watching how price reacts around support and resistance.
VELVET has already proven that it can move extremely fast. Now I want to see whether buyers can build a proper base instead of another short-lived spike.
Momentum is still interesting, but patience matters here. A strong reclaim above $0.65–$0.70 with volume would be the confirmation I’d want before becoming aggressively bullish again. 🚀
This is chart-based market analysis, not a guarantee of future price movement. Manage risk carefully, especially with a highly volatile perpetual contract.