ZKsync price is cooling off after the recent 200% rally but retains bullish structure by holding key support at $0.045. Can this momentum withstand sell pressure from the upcoming token unlock?
Summary
- ZKsync price has recently seen a strong rally, but a looming token unlock threatens to invalidate the current bullish structure.
- Investor focus on ZK’s transition from governance to utility, with planned buybacks, burns, and staking rewards, may help sustain bullish momentum.
ZKsync price technical analysis
ZKsync (ZK) price has recently staged a 200% rally, climbing from a base near $0.028 to a peak of $0.085. ZK price is now trading around $0.060 as it consolidates above the $0.050–$0.055 local support.
Although the short-term trendline from the rally has been broken, ZK price continues to hold above 0.618 Fib. Holding above the 0.618 Fib means the pullback is healthy and controlled rather than foreshadowing a reversal. Additionally, ZK price is trading above the 9 EMA and testing the 21 EMA, with the 9/21 EMA bullish crossover looming.
As long as ZK price holds above $0.045 — which was the previous swing low — the bullish market structure remains intact, and the current consolidation can be viewed as a continuation phase within the broader uptrend.
Will $0.045 support hold as ZKsync token unlock looms?
ZK bullish technical structure is taking shape as ZKsync gears up for a token unlock of 173.08M ZK (3.37% of circulating supply), worth $10.31M at current prices, scheduled for Nov.17, according to data from Tokenomist. The unlock could create short-term selling pressure, and a break below $0.045 risks a deeper retracement toward $0.40, the 0.786 Fib level.
However, ZK price stands a good chance to defy selling pressure from the unlock as ZKsync is currently drawing a lot of attention due to a potential tokenomics overhaul. Last week, Matter Labs CEO Alex Gluchowski unveiled the “From Governance to Utility: ZK Token Proposal, Part I,” which proposes turning ZK into a utility token.
Under the proposal, ZKsync plans to generate two main revenue streams: interoperability fees from its Layer-2 rollups and off-chain licensing revenue from institutional tools built on the protocol. These funds would be used to repurchase ZK tokens from the open market, with the acquired tokens allocated to:
- periodic burns to shrink supply
- staking rewards for decentralized operators
- ecosystem grants to support developers and public initiatives.
