Altcoin Price Rally: Why Are WLFI, STRK, ZEC Up Today?

Altcoin Price Rally: WLFI, STRK, ZEC Lead Crypto Market Recovery

The second week of November kicks off with positive signals, sparking a renewed wave of optimism and enthusiasm. The global crypto market is bouncing back, aiming to recover losses from the October crash.

This positive trend is largely reflected in three major alternative tokens, giving rise to an altcoin price rally. This article introduces these top gainers and analyses the key drivers of their growth.

Altcoin Price Rally: Here’re Today’s Top Gainers

As the crypto market regains momentum, three altcoins- World Liberty Financial, Starknet, and ZCash- are shining bright in the overarching light. Now, all eyes are watching these tokens to know if the current altcoin price rally will sustain or if the bullish sentiment fades.

WLFI Soars 34%

Among the abovementioned players, WLFI is the top gainer, which boasts a massive 34% price in just 24 hours. Currently priced at $0.1654, the token is up by 31% and 26% in a week and a month, respectively. This positive sentiment is also reflected in the trading volume, which has surged by a whopping 400%, reaching $443 million.

Significantly, the WLFI storyline revolves around the tokenization of real-world assets (RWA), with BlackRock CEO Larry Fink referring to it as a "multitrillion-dollar opportunity.” The Trump ecosystem, as well, is energizing the excitement, with Trump Media announcing $1.3B worth of Bitcoin holdings and ramping up its crypto strategy.

Technically, WLFI has surpassed its 30-day SMA and Fibonacci 23.6% retracement, with the RSI indicating that there could be more upward ‍‌‍‍‌‍‌‍‍‌movement. If the prevailing momentum sustains, it could push the price up to the much-anticipated $1 level.

Why is STRK Price Surging?

Starknet,‍‌‍‍‌‍‌‍‍‌ in particular, is making substantial progress to the upside as its worth goes beyond $0.16. At the time of writing, the digital asset is trading at $0.1689 and is proud of its 28% intraday, 55% weekly, and 40% monthly surges. Additionally, the trading volume is far from being dull; it is recorded at $272 million, which is 128% higher than the previous period.

Among the reasons for this rally and the continuation of the bulls' celebration are the BTCFi story and the network developments. Starknet’s 100M STRK BTCFi initiative is coupling Bitcoin and stablecoins with the DeFi ecosystem, thereby increasing liquidity and user activity. Hence, the injection of Bitcoin holders is the selling pressure that is dropping.

Moreover, the recent S-two prover upgrade reduces transaction costs, and at the same time, with Anchorage Digital providing custody/staking services, institutional investors become more comfortable.

On the other hand, STRK has gone beyond the major hurdle of $0.14 from where it has been rejected. The resistance level that has been tested multiple times is now support, thus the potential change of market sentiment. The close of the trading session at a price higher than $0.171 may give an opportunity to open positions targeting a price of $0.192.

ZCash Price Surges above $650

Sparking a fresh ray of hope, the ZCash price has surged to $655, with a daily hike of 20% and weekly and monthly spikes of 70% and 178%, respectively. Despite this significant uptick, the trading volume has declined to $2.15 billion, down 35%.

Interestingly, ZEC is seeing significant whale activity, with a large investor opening a leveraged long position worth $3.54M USDC, indicating confidence in its upside potential.

Another whale closed a $1.25M profit, sparking speculation of profit-taking followed by renewed accumulation. The coin is also benefiting from increased privacy adoption, with 20-25% of circulating supply now shielded and 30% of transactions using private pools.

From a technical standpoint, ZEC has broken above key resistance levels, with RSI-7D at 82.28, indicating overbought territory. If the cryptocurrency continues this positive trend, the next point is $750.