Horizen (ZEN) Rallies 229% in a Month, Reaches Yearly High of $29.76: Here's Why

Horizen (ZEN) has been making waves in the crypto market with an explosive surge of 229% over the past month, currently trading at $26.93.

output: Horizen (ZEN) has been making waves in the crypto market with an explosive surge of 229% over the past month, currently trading at $26.93. Among the privacy-focused blockchain platforms, ZEN has seen its market cap soar past $423 million, with extraordinary 24-hour trading volume exceeding $712 million – a staggering volume-to-market cap ratio of 173%.

Another interesting point to note is that ZEN just reached its yearly high of $29.76 a few hours ago, showcasing a remarkable recovery from its yearly low of $6.03. This recent price action has put ZEN on traders’ radar. Continue reading this analysis to understand why the token has been making such an impressive recovery in the past few weeks.

Horizen's Final Halving Sparks Rally As Tokenomics Revolution Approaches A Closer Look at the Impactful Developments and Technical Analysis for ZEN

The completion of Horizen's second and final halving on December 12 has largely contributed to the bullish momentum ZEN gathered in the past month. The upcoming transition to a smoothly declining emission rate in 2025 presents a more advanced approach to tokenomics, potentially attracting institutional interest and long-term holders. This dedication to tokenomics was further realized with the recent deployment of Horizen 2.0 Devnet.

The recent listing on Gains Network and Grayscale's launch of Horizen Trust, offering qualified investors institutional-grade exposure to ZEN, adds another layer to the value proposition. These developments, coupled with the project's strategic pivot towards ZK technology and privacy solutions, align perfectly with current market narratives.

From the chart below, it is evident that the key indicators point to a strong bullish momentum for the token following its final halving event. The technical chart reveals ZEN trading at approximately $26.93, having established a robust support level around $22.50. The price has been forming a clear ascending channel, with the upper resistance level currently testing the $27.00 mark.

The Relative Strength Index (RSI) is hovering around 57.37, indicating moderate bullish momentum without entering overbought territory (typically above 70). This suggests there's still potential for further upward movement before any significant correction might occur.

Moreover, the ZEN MACD indicator shows a positive divergence with readings of 0.848, 0.561, and -0.287 for the MACD line, signal line, and histogram respectively, reinforcing the bullish sentiment in the market.

From a trading perspective, the current price action suggests a potential continuation of the upward trend. The key resistance level to watch for is the $27.50 mark, where a successful breakthrough could trigger a new leg up towards the $30.00 psychological level. However, traders should also keep an eye on movements around the $22.50 support level, as any breakdown below this point could invalidate the bullish thesis.

The volume profile shows increasing participation during upward moves, suggesting genuine buyer interest rather than purely speculative activity. This technical strength, along with key ecosystem developments, presents a convincing case for traders looking to capitalize on the potential long-term value appreciation of ZEN.

As a final note, the implementation of the new tokenomics model in 2025 could serve as a major catalyst for price discovery, especially if the broader crypto market maintains its bullish momentum.