The ZKsync price slumped 8% in the last 24 hours to trade at $0.2076 as of 12.05 p.m. EST on a 29% surge in trading volume to $923 million.
This plunge follows an event in which nearly half of the top recipients of the ZKsync airdrop chose to sell their tokens. The ZKsync team carried out the token airdrop on June 17th after some initial controversy. Shortly after, Binance announced it would list the token, offering a platform with plenty of liquidity for trading.
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According to data from Nansen, over 41% of the 10,000 wallets that received full allocations from ZKsync, an Ethereum scaling zero-knowledge protocol, have sold their tokens. The analytics firm reports that more than 4,160 addresses liquidated their ZK tokens shortly after claiming them.
Someone received an #airdrop of 3.01M $ZK($753K) via 85 wallets!
This airdrop hunter then deposited 2.71M $ZK($678K) into #Binance and sold 300K $ZK for 20 $ETH($69K) via #SyncSwap.https://t.co/U4OKb7bmVWhttps://t.co/VAPmnj9gsj pic.twitter.com/x8YUPAspbK
— Lookonchain (@lookonchain) June 17, 2024
Additionally, about 30% of the highest recipients sold part of their allocations, leaving less than 29% of claimers holding onto their tokens post-airdrop.
ZKsync intends to distribute 3.67 billion tokens among 695,232 addresses, translating to just 1.44% of the allocation for the top 10,000 wallets. As of June 17th, fewer than half of the eligible wallets had claimed less than 50% of the airdrop.
More than 45% of the airdropped ZK token supply has been claimed by over 225,000 addresses in less than 2 hours 😳
It's a Monday, don't you have work? https://t.co/gSA8mc0QOg
— ZK Nation (@TheZKNation) June 17, 2024
ZKsync Price Statistics
- ZKsync price:$0.2076
- Market Cap:$764 million
- Trading volume:$923 million
- Circulating Supply:3.6 billion
- Total Supply:21 billion
ZkSync Price Analysis: Bulls Struggle To Comeback After Taking The Hit
The zkSync price is currently trading with a bearish bias, moving sideways in a horizontal pattern. Despite this bearish sentiment, the overall outlook remains positive as long as ZK stays above the $0.1880 threshold. Falling below this support level could dampen optimism.
ZKUSDT (Source:Tradingview)
However, bulls still have a chance to recover the market. The Moving Average Convergence Divergence (MACD) is above the signal line’s orange band, indicating potential bullish momentum.
The MACD histograms are also positive, showing green shades that suggest bullish sentiment. If buyer momentum picks up and zkSync’s price closes steadily above $0.2595, it could trigger more buy orders.
The Relative Strength Index (RSI) shows a consolidation phase around the 50 midline. The rebound from the 30 oversold level indicates strong buying pressure for the ZK price. With increased momentum, the price should be able to rise above the 50 midline and reach the 70 overbought zone, supporting the overall bullish sentiment for zkSync.
Final Thought
A candlestick close above $0.2225 would signal that the trend will likely continue as Buyers aim to drive the price to the $0.3500 high and possibly $0.4446 in the upcoming days to add more of the altcoin to their holdings. If the price manages to go past these levels, it could aim to reach its peak of $2.9700, which was seen on June 17.
However, the MACD histograms show that buyers and sellers struggle for control. If the price closes below $0.1880 on the 15-minute chart, it might lead to more selling. If it drops below $0.1525, it would likely reduce expectations for a short-term rise in the price.
The volatility in the crypto market appears to be impacting the potential of these substantial airdrops, as many claimants initially sell to capitalize on profits. It might require some time for the excitement and worries to settle down before the altcoin can return to normal trading conditions.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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