Whale Bets Big on BNB, Goes Short on SOL and ZORA with Leverage

A whale investor deposited $4.56 million in USDC and opened a long position on BNB with 3x leverage. Simultaneously, the whale shorted SOL with 20x leverage and ZORA with 3x leverage, using the HyperLiquid platform to monitor the transactions. This move indicates a significant investment in BNB and a bearish stance on SOL and ZORA.

Zora (ZORA) has seen a significant surge in its price over the past 24 hours, reaching a 3-month high of $0.022 on Sunday, July 20, before easing slightly to $0.021 at the time of writing. This rally, which follows the launch of Zora's new content monetization tool, Creator Coins, on Base, has been driven by strong investor demand and favorable technical indicators.

The integration of Zora with Base App, Coinbase's newly rebranded Layer-2 wallet, has been a key factor in Zora's recent performance. The app allows users to tokenize and trade content directly through their social profiles, leveraging both Zora's and Farcaster's infrastructure. Zora provides the backend technology for content tokenization, with its token used for minting content coins, paying referral fees, and engaging with ecosystem rewards.

On-chain data from Nansen shows that daily coin creation via Zora has doubled since the Base App integration, jumping from under 5,000 to over 10,000 tokens minted per day [1]. Additionally, whale wallets have increased their ZORA holdings by 7.9% over the past week to 8.08 million tokens, while public figures have boosted their holdings by 55.3%, pushing their collective exposure to over 1 million tokens. The supply of ZORA on exchanges has also decreased by 3.4% over the past week, now sitting at 4.61 billion tokens.

Technical indicators also support the bullish outlook. ZORA has successfully broken above a key resistance level at $0.015, aligning with the 38.2% Fibonacci retracement level. The 20-day simple moving average has crossed above the 50-day, forming a golden cross, a classic signal of a trend reversal to the upside. Momentum indicators, including the MACD and RSI, are trending upward, reflecting growing buying pressure.

However, with RSI levels approaching overbought territory, a short-term pullback remains a possibility before the uptrend resumes. If bullish momentum continues, ZORA could extend its rally toward the all-time high of $0.034, opening the door for further gains.

References:
[1] https://crypto.news/heres-why-zora-crypto-soared-over-75-today/