Zilliqa Rockets 70% on Network Upgrade as Altcoin Bulls Hunt for Momentum After Crypto Wipeout

You know the crypto market is in a weird place when Zilliqa, yes, Zilliqa, becomes the poster child for risk-on speculation. While the majors are still licking their wounds after a weekend that saw $2.5B in Bitcoin liquidations and $1.15B in Ethereum margin calls, ZIL just put on a show that would make even Dogecoin blush: a +70% single-day rip, triggered by a network upgrade that most traders couldn’t explain if you spotted them the first three syllables.

This isn’t your garden-variety altcoin pump. The Zilliqa rally is a direct response to a confirmed network upgrade, according to Coinpedia, which sparked a stampede of momentum chasers looking for the next thing that isn’t Bitcoin or Ethereum. In a market where the blue chips are stuck in the mud and ETF holders are nursing unrealized losses, the altcoin casino is open for business. The price action is pure chaos: ZIL’s 24-hour volume exploded to multi-month highs, order books thinned out, and algos tripped over themselves trying to keep up with the flow.

The context here is everything. The last 48 hours have been a bloodbath for crypto. Bitcoin steadied after a $2.5B liquidation event, but the recovery is fragile. Ethereum’s $1.15B in forced selling pushed it below $2,200, with bulls and bears locked in a death spiral over whether to buy the dip or just give up. Meanwhile, US spot Bitcoin ETF investors are staring at a wall of red, and even Cathie Wood is out here questioning the four-year cycle. In this environment, any coin that isn’t actively imploding is suddenly a magnet for speculative flows.

Enter Zilliqa. The network upgrade was the spark, but the real fuel was a market desperate for narrative. With majors in the penalty box, traders are rotating into anything with a pulse. ZIL’s move is reminiscent of the classic altseason playbook: low liquidity, a catalyst that sounds technical enough to be bullish, and a crowd of traders who missed the first 30% but can’t resist chasing the next 40%. The result is a chart that looks like a hockey stick and a funding rate that’s gone from zero to nosebleed in a single session.

But let’s not kid ourselves. Zilliqa is not suddenly the future of blockchain. The upgrade may improve throughput or decentralization, but the price action is being driven by pure momentum and a dash of FOMO. This is the same playbook we’ve seen a dozen times before: a forgotten altcoin catches a bid, Twitter goes wild, and by the time the dust settles, half the new longs are underwater. Still, in a market starved for upside, ZIL’s rally is a reminder that risk appetite isn’t dead, it’s just looking for new victims.

Historically, these kinds of moves tend to be short-lived. The 2021 altseason is littered with the corpses of coins that pumped +100% in a week, only to retrace just as quickly when the music stopped. The difference this time is that the majors are still under pressure, so the rotation into small caps could have more legs, at least until the next round of liquidations wipes out the leverage again. The options market is already pricing in extreme volatility for ZIL, with implieds spiking and perpetual swaps trading at a premium. If you’re trading this, you’re not investing. You’re surfing a wave that could dump you on the rocks at any moment.

Strykr Watch

Technically, ZIL is in nosebleed territory. After the +70% move, the coin is testing resistance at its previous swing high. If it clears this level, there’s a vacuum up to the next major resistance, which sits +20% higher. Support is now the breakout zone, if ZIL loses that, it’s a long way down to the pre-pump consolidation area. RSI is deep in overbought territory, but in crypto, that’s just an invitation for more FOMO. Funding rates are elevated, and open interest is surging, suggesting the move is being driven by leverage rather than spot buying. Watch for a blow-off top if the pace of gains accelerates further.

The risk here is obvious. If the majors roll over again, ZIL will not be spared. A break below the breakout zone is your stop signal, don’t try to be a hero. On the upside, if the momentum holds and the upgrade narrative sticks, there’s room for another leg higher. But the window is closing fast. The market is crowded, and late longs are at risk of getting steamrolled if the tide turns.

For traders, this is a pure momentum play. Tight stops, quick exits, and no regrets. If you’re looking for a long-term investment, look elsewhere. If you want to ride the wave, size down and be ready to bail at the first sign of trouble.

Strykr Take

Zilliqa’s moonshot is a classic altcoin FOMO trade, fun while it lasts, brutal when it ends. The opportunity here is real, but so is the risk. Play it for what it is: a high-octane momentum chase in a market that’s desperate for upside. Don’t overstay your welcome.

Strykr Pulse 78/100. Momentum is king, but the floor is lava. Threat Level 4/5.