Here’s Why ZORA Jumped 45% Today Following Whale Renewed Interest

$ZORA, the native token of the Ethereum Layer 2 solution ZORA, experienced a remarkable surge of over 50% within 24 hours, reaching a new all-time high as whale interest intensified.

However, emerging indicators suggest that this rally may soon encounter significant resistance, potentially leading to a correction.

Nonetheless, CoinGecko data reveals that $ZORA attained a peak of $0.139 on Monday, August 11th, elevating its market cap to over $436 million at the time of reporting. This represents an increase of over 160% from the month’s low and approximately 1,600% above its lowest in July.

What is the Catalyst Behind $ZORA’s Surge?

Renewed interest from high-net-worth investors is the main driver behind ZORA’s latest price jump. Nansen data shows whale wallet balances rising 16.4% since August 4, from nearly $29 million to $33.9 million.

Fresh capital from large holders often signals growing confidence among influential market players, and retail traders tend to view such moves as bullish, prompting them to enter the market in hopes of riding the rally.

ZORA is also gaining traction within the Base ecosystem, where it powers the expanding “creator coin” economy. On the Base platform, every social media post triggers Zora’s smart contracts to mint a unique ERC-20 token tied to the content. These tokens trade instantly, with creators earning a share of the supply and transaction fees.

Since the app’s relaunch, this model has produced over 2 million creator coins, attracted nearly 3 million traders, and generated about $512 million in trading volume, according to Dune.

The surge in adoption fuels steady on-chain activity and strengthens ZORA’s position as a key revenue engine in the Base ecosystem, a growth story investors can measure.

Trouble Brewing for ZORA’s Bull Run

Despite the recent price surge, ZORA faces risks that may slow or impede its continued upward momentum. CoinGlass data indicates a 47% surge in open interest in ZORA futures over the past 24 hours, signifying a sharp increase in leveraged trading.

At the same time, the weighted funding rate has turned negative, meaning short sellers are paying long holders. This shift reflects growing bearish sentiment, with more traders betting on a price drop from current levels.

ZORA’s futures market positioning adds to this caution. The long/short ratio was below 1 at the time of writing, showing short positions outweighing longs, a setup that could accelerate selling if sentiment worsens.

Unless whale and retail demands stay strong enough to counter the pressure, ZORA may have trouble holding near record highs. Crypto assets often face heavy short-selling after hitting new peaks as early investors lock in profits.

On a more positive note, since early July, ZORA has been shaping a rounded-bottom pattern, a bullish setup that typically signals a trend reversal. On the 4-hour chart, the neckline is around $0.095, with the bottom at $0.052. The token recently broke above the neckline, confirming the formation.

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