Virtuals Protocol (VIRTUAL) has experienced a significant 33.5% price surge in the last 24 hours, accompanied by a 391% increase in daily trading volume. Despite this impressive rally, the cryptocurrency faces strong bearish resistance at the $1.2 and $1.26 levels, which could hinder further upward momentum. On-chain analysis reveals that while there is accumulation by holders, other metrics such as daily active addresses and network growth have not reached previous highs. A sustained breakout above $1.2 with substantial trading volume could indicate a shift towards bullish control, but traders are advised to be cautious of potential liquidity traps.