Polyhedra Network’s ZKJ token experienced a sharp decline of over 80% after an impressive recovery of 118%. This significant drop is attributed to a liquidity attack rapidly depleting the market's depth.

Although prices have collapsed, some traders still maintain their optimism. It seems that Polyhedra's buyback strategy and long position requests are supporting the token. However, it is critical for ZKJ to break the resistance at the $1 level and hold its support around $0.697; otherwise, investor confidence may weaken, and prices could drop further.

Fluctuations in Polyhedra Network and ZKJ Token

Polyhedra Network, a promising project in the world of blockchain, has been experiencing significant fluctuations recently. The ZKJ token initially gained 118% in value, only to drop by more than 80%, surprising investors and shaking market confidence.

Nevertheless, some traders remain optimistic and trust in the possibility of recovery along with the measures the company will take.

Liquidity Attack Shook the Market

On Sunday, a sharp drop in ZKJ's price resulted in the liquidation of long positions worth approximately $97.4 million. The report from Polyhedra Network stated that a coordinated liquidity attack was behind this significant collapse.

The report stated: "Many critical addresses withdrew large amounts of liquidity from the PancakeSwap ZKJ/KOGE V3 pool. These transactions raised suspicions of coordinated actions aimed at malicious attacks. Particularly in this pool, where liquidity is dense, critical market depth has been largely destroyed."

In response, the company's co-founder announced that they would buy back ZKJ tokens. This move is seen as an important step taken to stabilize the price and restore market confidence.

Market Sentiment and Long Positions

Despite the significant drop in price, market sentiment around ZKJ is relatively positive. Traders believe that with the implementation of the buyback plan, the price could recover. Although the recent drop has shaken investor confidence, the support from the network's team keeps the possibility of recovery alive.

The liquidation map shows that the price dropping to $0.30 would lead to the liquidation of $4 million in long positions, while many traders believe that there will be a rise from the current low levels.

Despite the volatile market conditions, traders continue to open long positions in ZKJ, demonstrating confidence in the token's potential for recovery.

Roadmap for ZKJ

After the sharp rise of 118% on Monday, ZKJ is experiencing a fluctuation today, losing 42% in value. Currently, the token is trading at approximately $0.40 and is trying to recover from a significant drop of 83% on Sunday. Optimistic traders believe that the price will rise again in the coming weeks.

However, for a lasting recovery, ZKJ needs to hold the support at $0.69 and break the resistance at the $1 level. If this psychological resistance is broken, investor confidence will increase, and demand for the token will rise.

Conversely, if trader sentiment worsens, the price may struggle to recover. The ongoing decline could pull ZKJ below $0.31 and pave the way for deeper losses. Such a scenario indicates a long-term weakening, leaving the token more vulnerable.


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