Key Takeaways
- ZEC is the top performer among the top 30 cryptocurrencies by market capitalization, rising 12% in the past 24 hours.
- The coin is trading above $350 and could move higher in the short term.
ZEC Climbs Above $350 as Rally Continues
ZEC, the native token of the Zcash ecosystem, has continued its upward momentum, gaining 12% over the last 24 hours. This move follows a remarkable 380% increase in value over the past 30 days, outperforming many major cryptocurrencies.
The recent surge was supported by the launch of wrapped ZEC on Solana via the Zolana bridge, introduced by Solana — the world’s second-largest smart contract platform. The wrapped tokens operate as standard Solana Program Library (SPL) tokens, which enables broader use across the Solana ecosystem. However, these wrapped tokens do not carry the same privacy protections as native Zcash.
Wrapped ZEC is backed 1:1 by native ZEC, but it does not conceal balances or transaction details in the way native Zcash privacy features can.
ZEC Eyes $400 as Bullish Trend Persists
The ZEC/USD 4-hour chart remains bullish and looks orderly thanks to the ongoing rally. Technical indicators favor buyers, suggesting upward pressure is in place and that ZEC may continue to climb in the near term.
The Relative Strength Index (RSI) sits around 67, showing bullish bias and indicating buyers currently control momentum. The MACD lines are also in positive territory, reinforcing the prospect of further short-term gains.
If the bullish trend continues, ZEC could reach the $400 level in the coming hours or days. A more extended upward run might push the token toward a multi-week or multi-month high near $500.
On the other hand, if ZEC faces a pullback following the recent rally, an initial correction could see price revisit the interim low-quote (ILQ) around $318. A deeper downturn could drive ZEC toward the primary support and trendline (TLQ) near $235. This support zone is likely to hold on a medium-term basis, providing a base from which ZEC could resume building on its recent gains.