$ZK rose 19.81% in a day, but around 173 million new tokens are set to unlock in 7 days ⏳
Data (Binance Spot, Oct 10, 11:37): $ZK was at 0.01397, with 24h trading volume of 13.4 million U; $OP , also an Ethereum L2, rose 15.13% to 0.1408, with 14.3 million U in trading volume.
Reason: No clear news catalyst has been found so far. ZKsync teased a “major announcement” on X earlier this month, but the details haven’t surfaced yet. This looks more like a sector catch-up rally: a couple of days ago, Starknet said it was considering a transition to L1, and STRK rallied first. An analysis at the end of September had also pointed out that OP and ZK were two of the L2s still languishing near the bottom.
Risk: According to Tokenomist, around 173 million ZK tokens will unlock on October 17, about 0.82% of the total supply. Around 89.26 million are allocated to investors and 83.81 million to the team.
Scenarios:
1️⃣ If ZK holds 0.0124 (around its October 3 price) and trading volume doesn’t shrink significantly, this rally still has support; a fall back below 0.0124 would mean the catch-up rally is over.
2️⃣ OP is currently stuck around 0.14, a resistance zone previously marked on MetaMask’s price page. If it holds above 0.14, further recovery is possible; a fall back below 0.124 (its October 8 price) would invalidate this rebound.
Is this an L2 sector rotation, or one last pump before the unlock?
Sources: Tokenomist, Decrypt, Binance market data
$ZK $OP #Layer2 #Altcoins
#BinanceSquare
⚠️ The above is a compilation of information and personal opinion, and does not constitute investment advice. DYOR.
Data (Binance Spot, Oct 10, 11:37): $ZK was at 0.01397, with 24h trading volume of 13.4 million U; $OP , also an Ethereum L2, rose 15.13% to 0.1408, with 14.3 million U in trading volume.
Reason: No clear news catalyst has been found so far. ZKsync teased a “major announcement” on X earlier this month, but the details haven’t surfaced yet. This looks more like a sector catch-up rally: a couple of days ago, Starknet said it was considering a transition to L1, and STRK rallied first. An analysis at the end of September had also pointed out that OP and ZK were two of the L2s still languishing near the bottom.
Risk: According to Tokenomist, around 173 million ZK tokens will unlock on October 17, about 0.82% of the total supply. Around 89.26 million are allocated to investors and 83.81 million to the team.
Scenarios:
1️⃣ If ZK holds 0.0124 (around its October 3 price) and trading volume doesn’t shrink significantly, this rally still has support; a fall back below 0.0124 would mean the catch-up rally is over.
2️⃣ OP is currently stuck around 0.14, a resistance zone previously marked on MetaMask’s price page. If it holds above 0.14, further recovery is possible; a fall back below 0.124 (its October 8 price) would invalidate this rebound.
Is this an L2 sector rotation, or one last pump before the unlock?
Sources: Tokenomist, Decrypt, Binance market data
$ZK $OP #Layer2 #Altcoins
#BinanceSquare
⚠️ The above is a compilation of information and personal opinion, and does not constitute investment advice. DYOR.