ZORA’s price soared 77% in one day, reaching its highest price in six weeks after appearing on Robinhood. This surge was accompanied by over $500 million in trading volume, demonstrating renewed investor interest and strong market momentum.
Amid this, there is growing optimism that ZORA is on track to retest its all-time highs as buyers gather and bullish sentiment strengthens across the market.
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Why is ZORA token price increasing today?
Since its launch in April, ZORA has experienced massive gains and sharp declines. The previous rally in August took the altcoin to an all-time high of $0.14.
However, after that, prices continued to trend downward until yesterday. On October 9th, Robinhood announced that it has added trading support for ZORA.
Following this news, ZORA rose nearly 59% from $0.056 to $0.089. This momentum continued today as the coin reached its highest price since late August at $0.093.
According to data from BeInCrypto Markets, its value has increased by more than 77% in the past 24 hours, with the value adjusted to $0.092 at press time.
During the same period, excitement on major exchanges such as Bybit, Coinbase, and Gate drove active trading, with trading volume increasing by more than 800% to over $500 million.
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Sentiment towards CoinGecko remains Bullish, with 84% of the community being optimistic. Still, ZORA’s current price remains about 37% below its all-time high. Some market analysts predict that altcoins may soon fill this gap.
ZORA’s on-chain data tells a bullish story
Notably, on-chain data is reinforcing optimism. Over the past 30 days, ZORA’s exchange reserves have decreased by more than 30%, from about 7 billion tokens to 4.8 billion tokens, Nansen said. This could indicate fresh accumulation taking place as investors move tokens from exchanges into long-term holdings.
Additionally, the Zora ecosystem continues to experience rapid token creation. According to Dune Analytics data, around 30,000 tokens have been created every day on the platform since September.
Although far from an all-time high, the number of daily transactions is also increasing, suggesting that on-chain engagement is gradually recovering.
For now, ZORA’s momentum and price surge have attracted a lot of attention from traders. It remains to be seen whether this rally can be sustained or whether altcoins will enter another correction.
