The acropolis is located at the SW side of the ancient city and includes two hills: the so-called "Magoula Bakali", which is also a prehistoric site, and the so-called "Aghios Athanasios" or "Panagia" hill, where the fortification wall of the 4th century B.C. are very well preserved.
The ancient city of Pherai, one of the most important cities of Thessaly, was occupied from the Final Neolithic (about 3000 BC) to the beginning of the Roman Imperial period (1st century AD), when it was probably abandoned. The modern settlement, named Velestino, was founded in the post-Byzantine period (13th century AD), and has played an important role in Greek history of the last centuries (birth place of Regas Pheraios, pioneer of the Hellenic Revolution against Turks). Today Velestino is an active town, partly built upon the ancient city, fortunately not on the most important part of it.
Important but very limited excavations at Pherai took place in the first quarter of the 20th century, at the temple of Zeus Thaulios, by the Greek Archaeological Service with the French Archaeological School. Since 1977 the Ephorate of Antiquities of Volos has been operating systematic excavations of the "acropolis" (city-fortification) and many rescue excavations at the part of the ancient city, which lies beneath the modern town of Velestino. These have brought to light some monuments of great interest. Many private properties were bought recently by the Ministry of Culture, so that systematic excavations can be continued.
Few restoration works have been done at the acropolis' walls, but the most vulnerable monuments are being conservated every day. The Ephorate of Antiquities of Volos has proposed the creation of an archaeological-historical park at Pherai-Velestino, in which all the ancient and more recent monuments, scattered in the modern town and around it, will be included, with restoration works on some monuments.