The cryptocurrency market has witnessed a significant surge in the price of Zora, a social cryptocurrency on the basic blockchain, with its value doubling in a short span. This remarkable growth can be attributed to the network’s announcement of an upcoming extension to Solana and the indication of a basic blockchain token launch against Coinbase. Moreover, the continued accumulation of Zora tokens by whales has contributed to the price increase.
Key Catalysts for Zora Price Growth
Zora’s price has risen to $0.77, marking a 32% increase from its lowest level this month, and a staggering 888% growth from its lowest level this year. A primary catalyst for this growth is the accumulation of Zora tokens by whales, who now hold over 17.12 million tokens, up from 4.7 million last month. This significant increase in whale holdings, combined with declining stock market reserves, suggests a bullish trend, as Zora owners are choosing not to sell.
Upcoming Solana Integration and Base Token Launch
The Zora network’s upcoming interoperability with Solana (Sol) is another major catalyst for the token’s price growth. This integration will enable users to send USDC, ETH, or Zora tokens via the basic and Solana networks, leveraging Solana’s massive user base of millions of daily users. Furthermore, the basic blockchain’s announcement of a base token launch, as revealed by Jesse Pollack at the BaseCamp event in the USA, is expected to have a positive impact on Zora’s price. The launch of a base token could potentially lead to an airdrop for Zora owners, which would not only increase the token’s value but also populate the ecosystem with more tokens.
Technical Analysis of Zora Crypto Price
A technical analysis of the Zora token’s price chart reveals a bullish falling wedge pattern, characterized by two descending, converging trend lines. The price of Zora has remained above the sliding 50-day average, and the relative strength index has moved above the neutral point at 50. This indicates that the token is likely to continue its upward trend, with bulls targeting the annual high of $0.1462, which is approximately 100% above the current level.
Zora token Price Diagram | Source: crypto.news
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