Key Takeaways
- ZEC has been the top performer among the top 30 cryptocurrencies by market capitalization, rising about 12% in the last 24 hours.
- The coin is now trading above $350 and could continue to climb higher in the near term.
ZEC Breaks Above $350 as Rally Continues
ZEC, the native token of the Zcash ecosystem, extended its rally with an approximate 12% gain over the past 24 hours. This surge follows an impressive 380% increase in the past 30 days, allowing ZEC to outperform many major cryptocurrencies.
The recent momentum accelerated after Solana introduced Wrapped ZEC via the Zolaana bridge. These wrapped tokens are issued as standard Solana Program Library (SPL) tokens and therefore do not inherit Zcash’s on-chain privacy features.
Wrapped ZEC tokens remain backed 1:1 by native ZEC, but they do not conceal balances or transaction details on Solana.
ZEC Eyes $400 as Uptrend Persists
The ZEC/USD 4-hour chart looks bullish amid the ongoing rally. Technical indicators favor buyers, suggesting upward momentum could continue to push ZEC’s price higher in the near term.
The Relative Strength Index (RSI) sits around 67, indicating bullish momentum with buyers in control. The MACD lines are also in positive territory, supporting the view of potential further gains.
If the uptrend continues, ZEC could move toward the $400 level in the coming hours or days. A sustained rally could open the path to a multi-year high near $500 over the next days or weeks.
However, if ZEC experiences a correction after this recent run, it may retrace to the immediate support (ILQ) near $318. A deeper pullback could push the price toward the key support at the TLQ level around $235. That $235 support zone is likely to hold in the medium term, offering a base for any future upside continuation.