ZORA Crypto Skyrockets 75% Today—Here’s What Fueled the Rally
ZORA just pulled off a gravity-defying leap—soaring over 75% in a single trading session. The move left traders scrambling and skeptics muttering about 'typical crypto volatility.'
What lit the fuse?
No major exchange listings or partnership announcements yet—just pure, unfiltered market momentum. Either someone knows something we don't, or this is another case of 'buy first, ask questions never' in DeFi land.
Context matters
The surge comes amid a broader NFT market revival, with ZORA's platform gaining traction among creators. Funny how a 75% pump still doesn't require actual revenue—just vibes and a few well-timed tweets.
Will it hold? That depends on whether the next wave of buyers enjoys holding bags. Welcome to crypto—where the fundamentals are made up and the resistance levels don't matter.
Source: Nansen
Meanwhile, on-chain data from Nansen shows whale wallets have increased their ZORA holdings by 7.9% over the past week to 8.08 million tokens. Public figures have also boosted their holdings by 55.3%, pushing their collective exposure to over 1 million tokens.
At the same time, ZORA supply on exchanges have also dipped 3.4% over the past week, now sitting at 4.61 billion tokens. That’s a noticeable drop from the 6.05 billion held on exchanges back in April.
Together, these accumulation trends confirm that investor demand for the token remains high, which can help support the rally even further.
ZORA price analysis
On the daily chart, ZORA printed a ‘god candle’ yesterday, followed by another green candle today, signaling sustained upward momentum.
The token has successfully broken above a key resistance level at $0.015, which also aligns with the 38.2% Fibonacci retracement level, a zone where bears had previously exerted strong selling pressure.
Technical indicators further support the bullish outlook. The 20-day simple moving average has crossed above the 50-day, forming a golden cross, a classic signal of a trend reversal to the upside. Momentum indicators, including the MACD and RSI, are also trending upward, reflecting growing buying pressure.
If bullish momentum continues, ZORA could extend its rally toward the all-time high of $0.034. A decisive breakout above that level WOULD push the token into price discovery, opening the door for further gains.
However, with RSI levels approaching overbought territory, a short-term pullback remains a possibility before the uptrend resumes.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
