The VIRTUAL token, which powers the Virtuals Protocol, reached an all-time high of $5.25 before experiencing a steep decline, losing 35% of its value in the past week. This decline is partly due to a decrease in new demand for the token, as evidenced by an 88% drop in the daily count of new addresses created to trade VIRTUAL. The falling demand is also reflected in the plummeting open interest of the altcoin, indicating weaker conviction and fewer new participants in the market. The Relative Strength Index (RSI) for VIRTUAL is indicating bearish momentum, and if buying pressure weakens further, its price could fall to $1.31. However, if market sentiment improves, there is potential for a rebound and an attempt to reclaim its all-time high.



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