ZORA’s cryptocurrency skyrocketed 36% on July 27, propelled by a $105 million surge in derivatives open interest and reduced spot market outflows. The rally gained momentum following Binance’s introduction of 50x leverage for ZORA/USDT perpetual contracts, which triggered a $230 million volume spike and intensified market activity.
Open interest in ZORA derivatives surged dramatically from $34.30 million to $139.83 million within 48 hours, reflecting heightened trading engagement. Bullish sentiment dominates exchanges, with 70% of platforms favoring long positions—Bybit, MEXC, Bitget, and Hyperliquid leading leveraged bullish bets.
Despite market euphoria, technical indicators signal substantial downside risks. Analysts warn of a potential 40% to 70% price correction, identifying critical support zones between $0.069-$0.065 and $0.029-$0.035 should selling pressure accelerate.