Zebec Network (ZBCN) 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.

Zebec Network (ZBCN) token continued its parabolic rally and got extremely overbought as demand jumped. The Relative Strength Index (RSI) reached the overbought zone.

What Happened: Zebec, a payment utility platform on the Solana (SOL) network, rose for nine consecutive days and reached a record high of $0.0055. The token has since pulled back but is still up 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 on Monday, 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 for the token. However, excessive levels can also be a sign of excessive speculation, which could lead to a reversal.

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.

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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What Next: 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 more than 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.

The company’s efforts to expand its services and user base could continue driving interest in the ZBCN token, especially if it manages to achieve significant milestones in the coming months. However, the token’s rapid gains have left it highly overbought, setting the stage for a potential pullback.

Zebec Network Price Analysis

The daily chart shows that ZBCN has gone parabolic in recent sessions. It broke above a key resistance level at $0.02137, 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 $0.035.

However, the risk is that ZBCN has entered extremely overbought territory. The Relative Strength Index (RSI) 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.