ZRO initially rebounded and climbed back above $1, even reaching around $1.20, but subsequently encountered resistance and fell back. Over the past three trading days, the token has weakened continuously, with the price returning to the $1 level, and selling pressure in the market has also increased accordingly.
A whale transferred 3.51 million coins to Binance.
According to on-chain data platform Arkam, in the past 24 hours, a large address transferred 3.51 million ZRO tokens to Binance in batches, equivalent to approximately $3.96 million at the time. After this transfer, the address still holds approximately 1.2 million ZRO tokens, worth approximately $1.2 million.
When a large holding address transfers funds to an exchange during a price weakening phase, it's typically seen as a potential sell signal. Since this address hasn't liquidated its position, it suggests the holder is currently partially cashing out rather than completely exiting the market.
Exchange inflows still exceed outflows
Besides a single whale, other holders are also increasing their selling. The article mentions that ZRO's exchange flow balance is still positive, around 5,000 tokens, meaning that more tokens are flowing into exchanges than out, and sellers are relatively more active.
In this scenario, the increased market supply reduces short-term scarcity, making prices more vulnerable to downward pressure. ZRO was trading at $1.007 at the time of writing, down 5.7% on the day.
The $1 support level is being tested.
From a technical perspective, the Stochastic Momentum Index (SMI) cited in the article has fallen to 6, which is in oversold territory, reflecting that the current market is still dominated by sellers and buying momentum is weak.
If selling pressure persists, ZRO may fall below $1 again and further decline to around $0.88. If the $1 level holds, the price may rebound, potentially targeting the $1.30 area.
