Zora’s price could double soon as the network teased an expansion to Solana and after Coinbase hinted at an upcoming launch of a Base blockchain token. The token may also surge amid ongoing whale accumulation.
Summary
- Zora crypto price could double ahead of the upcoming Base and Solana bridge.
- Whales have continued to boost their Zora positions.
- The upcoming Base token launch could be a catalyst.
Zora (ZORA), a top social cryptocurrency on the Base blockchain, advanced to $0.77, up 32% from its lowest level this month. It has risen 888% from its lowest level this year.
Zora price to rally as key catalysts align
One potential catalyst for the Zora token is that whales have continued to accumulate it. Whales now hold more than 17.12 million tokens, up from last month’s low of 4.7 million.
This accumulation has coincided with declining exchange reserves, which have dropped to 4.91 billion, down from the year-to-date high of 5.3 billion. This decline suggests that Zora holders are not selling, a bullish signal.
Another bullish catalyst is that the Zora network will become interoperable with Solana (SOL) soon. This feature will enable users to send USDC, ETH, or ZORA tokens across the Base and Solana networks.
This is notable because Solana is one of the largest chains in the crypto industry, with millions of daily users.
The other major catalyst for the Zora crypto price is that Base Blockchain has hinted of a Base token. Jesse Pollack, who heads the Base project, revealed this at the BaseCamp event in the US.
A Base token launch would be bullish for Zora, as Zora holders may be eligible to receive an airdrop. The launch may also help popularize tokens in its ecosystem.
Zora crypto price technical analysis
The daily time frame chart shows that the Zora price recently pulled back and bottomed at $0.0591 last week. It has formed a bullish falling-wedge pattern, which is characterized by two descending, converging trendlines.
Zora’s price has remained above the 50-day moving average. The Relative Strength Index has moved above the neutral point at 50. Therefore, the token will likely continue higher as bulls target the year-to-date high of $0.1462, which is about 100% above the current level.