Zebec Network token continued its parabolic rally and got extremely overbought as demand jumped.
Zebec (ZBCN), a payment utility platform on the Solana (SOL) network, has risen for nine consecutive days, reaching a record high of $0.0055. It has jumped over 600% from its monthly low, pushing its market cap above $410 million.
The ZBCN token rallied as futures open interest surged to a record high. Data shows open interest hit $12.27 million, up from this month’s low of $2.43 million. Most of this activity occurred on Bybit, MEXC, and Gate.
Rising open interest is often viewed as a bullish signal, indicating increased liquidity and stronger demand.
According to Santiment data, the token’s surge coincided with a spike in social media activity. Social volume for ZBCN rose to a record high of 7 on Monday, up from 1 earlier this month. Its social dominance score also reached an all-time high.
Social dominance | Source: Santiment
That is a sign that it could be experiencing fear of missing out, or FOMO, among retail traders. This is also shown by the fact that the number of holders has continued rising, reaching an all-time high of 58,776. It had less than 50,000 holders earlier this month.
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Zebec Network is a payments-focused company offering solutions such as a Mastercard-enabled debit card and cross-border remittance tools. According to its website, it serves over 50,000 monthly users across 138 countries.
The company is also active in the payroll processing sector, supported by its 2023 acquisition of Paybridge. Zebec now helps more than 250 partner companies streamline and reduce the cost of payroll services.
Zebec Network price analysis
ZBCN price chart | Source: TradingView
The daily chart shows that ZBCN has gone parabolic in recent sessions. It broke above a key resistance level at $0.002137, the upper boundary of a cup-and-handle pattern, a classic bullish continuation signal. The token has also surpassed the pattern’s target price of $0.0035.
However, the risk is that ZBCN has entered extremely overbought territory. The Relative Strength Index is now at 90, while the Stochastic Oscillator and momentum indicators are also at elevated levels.
In addition, Zebec’s funding rate has remained negative since May 21, suggesting that investors expect a pullback. As a result, the most likely scenario is a short-term drop, a retest of the cup’s upper boundary, and a potential continuation of the uptrend. This “break-and-retest” pattern is commonly seen as a bullish confirmation.
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