- VeChain is preparing for its biggest upgrade since 2018, known as the Renaissance upgrade, which will enhance scalability, decentralization, and staking through a new NFT system.
- With strong technical indicators and growing investor interest, VET could see a significant price rebound in June.
VeChain (VET) is showing signs of recovery potential after months of price weakness, with the long-anticipated Renaissance upgrade scheduled to begin in June. This major technical overhaul, the most significant since 2018, could change the narrative for VET holders who’ve weathered a 70% price decline since November last year.
ALSO READ:Pi Network Balance Issues Raise Concerns Amid Mainnet Migration
VeChain Renaissance Upgrade Ushers in a New Era
The Renaissance upgrade is being rolled out in three ambitious phases—Galactica, Hayabusa, and Intergalactic. The first phase, Galactica, is set to launch this June. This multi-phase initiative targets four core pillars: scalability, decentralization, economic sustainability, and interoperability for the VeChainThor blockchain.
A major innovation will be the replacement of traditional staking with a staking NFT system. Participants will lock VET tokens as collateral and mint NFTs that represent their network contributions. These NFTs will act as both staking rewards and tools to increase network security.
Additionally, the network will receive enhanced compatibility with Ethereum Virtual Machine (EVM) standards, including Pectra-related upgrades, plus JSON-RPC support. These changes are expected to boost connectivity across wallets, dApps, and bridges.
Another standout feature is the dynamic gas fee structure. Fees will fluctuate based on demand, and base fees will be burned—introducing a deflationary aspect to the VET supply. Coupled with projected staking rewards of up to 12%, this has the potential to attract both retail and institutional interest.
Technical Indicators Point to a Potential Reversal
Despite trading at just $0.02418—well below its $0.08 peak in November 2023—VET may be entering a bullish phase. The token is currently forming a megaphone pattern on the weekly chart, one of the more bullish formations in technical analysis.
The accumulation and distribution indicator is at an all-time high, signaling strong accumulation under the Wyckoff Theory. If bullish momentum carries through, analysts suggest VET could surge as much as 200%, potentially retesting its previous high.
A Turning Point for VET?
With major upgrades ahead and technicals hinting at a bottom, VeChain could see renewed interest in June. If the Renaissance upgrade delivers as promised, it may not just be a technological leap—but a price catalyst as well.
ALSO READ:Ripple’s RLUSD Stablecoin Gets Regulatory Approval for Use in Dubai’s DIFC
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.
