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The zkSync price plunged 5% in the last 24 hours and 25% in the past week to trade at $0.2130 as of 00:38 a.m. EST on trading volume that slumped 32% to $513 million.
This comes as reports show that 41% of the top 10,000 wallets that received ZK airdrop sold their holdings after its launch. Since its inception, over 30% of wallets have moved part of their holdings.
The price of $ZK token fell by 35% after a large number of recipients sold their airdropped tokens. About 41% of addresses sold all their $ZK tokens, and 29.2% sold some, totaling over 486 million $ZK. Only around 30% of the top receiving wallets kept their tokens.
On June 17,… pic.twitter.com/PUgX70jC1o
— DeFi Planet (@PlanetDefi) June 18, 2024
The platform has been facing a huge backlash after it announced that just 695K wallets would receive its airdrop, which was based on controversial eligibility criteria.
After its launch, the zkSync price went on a downtrend, sliding to the support level of around $0.197, according to data from GeckoTerminal.
The bulls then used the support to stage a rally that propelled the token to the resistance zone around $0.23. The price of zkSync has since been trading within this range in a consolidation channel.
However, the bears seem to be winning the struggle, with the token trading slightly below the lower boundary of the consolidation channel.
zkSync Price Prediction – The Bulls Gearing Up For A Bullish Trend Reversal
The zkSync price main indicators show that the bulls may be gearing up towards a bullish stance to drive the token from the lower boundary of the channel, as they use the $0.21 support level to push the token up.
The bullish bias is still strong despite the ZK price dropping below both the 50-day and 200-day Simple Moving Averages (SMAs), which now act as the immediate resistance levels at $0.22 and $0.217, respectively.
Moreover, the Relative Strength Index (RSI) seems to be rebounding from the 30-oversold level to currently trade at 40 as it climbs up. A sustained bullish rally could push the RSI to the 70-overbought region, a signal of intense buying pressure.
The Moving Average Convergence Divergence (MACD) supports the token’s surge from the $0.21 support, as the blue MACD line is beginning to cross above the orange signal line, which is a representation of a bullish crossover. A bullish crossover could prompt the bulls to buy more, which could eventually push the token over the channel.
ZkSync’s price analysis on the 15-minute chart shows a bullish bias, as the ZK bulls aim to push the token towards the upper boundary of the consolidation channel, as they target prices above $0.26.
However, if the bears exert more pressure at this point, the token may retrace further to the support around $0.1993, which acts as a cushion against downward pressure.
While the zkSync price outlook shows some uncertainty, the Sealana (SEAL) ICO continues to attract more buyers as investors rush to buy it before its presale concludes on June 25 at 6 p.m. UTC.
#Sealana has got some big news for y'all today! 🦭🍻 After a long night of drinking, doin' American $SEAL things 🇺🇸 and blacking out! 😵 He woke up with some real mental clarity and made the call that the #Presale's gonna end on June 25th at 6 pm UTC! ⏰
You know what that… pic.twitter.com/va7W8abVjb
— Sealana (@Sealana_Token) June 6, 2024
Solana Meme Coin Sealana Bags More Than $5M In Presale – Only 5 Days Left!
Sealana (SEAL) is based on a chubby seal in the Solana Sea who spends all day at his computer, gorging on chips and canned tuna while searching for the next big Solana meme coin. The character, once sleek and agile, is now messy and obese, driven by an insatiable appetite for junk food.
The Sealana presale continues to garner much attention in the crypto space after rocketing past $5 million in funds raised, putting it in a strong position to compete with top Solana meme coins like BONK, WIF, and BOME when it launches.
What better way to show your love of Lambos, Massive Gains & Freedom than getting a #USA tattoo to show for it! 🇺🇸 #Sealana knows what’s best for American made #Memecoins and has a plan to make them great again! 🦭
Send $SOL 💸 and let him be an example for all #Degens!💪 #MAGA pic.twitter.com/B4aBZ2wEbI
— Sealana (@Sealana_Token) June 14, 2024
SEAL was at first a Solana-only coin but has since expanded its reach by adding a BNB Smart Chain version of the token. You can also buy $SEAL on the Ethereum network, which widens the token’s appeal across crypto communities.
According to crypto analyst and YouTuber Crypto Boy, SEAL has the potential to surge 100X after its launch.
To participate in the presale, visit the official website to buy SEAL tokens here. SEAL tokens are available for only $0.022.
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