Key Points
- ZEC is the best-performing cryptocurrency among the top 30 by market capitalization, rising 12% in the past 24 hours.
- The token is currently trading above $350 and may see further gains in the short term.
ZEC Surges Above $350 as Rally Continues
ZCash’s native token, ZEC, has extended its rally, gaining 12% over the last 24 hours. This rebound follows a 30% appreciation over the past 380 days, a performance that has outpaced many major cryptocurrencies.
Momentum received an additional boost when Solana, the world’s second-largest smart contract platform, added support via the Zolana bridge for a wrapped version of ZEC. The wrapped token functions as a standard Solana Program Library (SPL) token and therefore does not provide the privacy protections inherent to native Zcash transactions.
The wrapped tokens are backed 1:1 by native ZEC, but they do not obscure balances or transaction details.
ZEC Eyes $400 as Bullish Trend Persists
On the 4-hour ZEC/USD chart, the outlook remains bullish. Technical indicators favor buyers, suggesting upward pressure may continue in the short term. If buyers remain in control, ZEC could push higher over the coming hours and days.
The Relative Strength Index (RSI) sits around 67, indicating bullish momentum with buyers in control. The MACD lines are also in positive territory, which supports the potential for further upside in the near term.
If the bullish trend continues, ZEC could climb toward the $400 level within hours or days. Sustained momentum might push the token back toward the multi-week highs near $500 over the coming days or weeks.
On the other hand, if ZEC faces a pullback after its recent run-up, it could retreat to the interim support level near $318 in the short term. A deeper correction could see price action test the major support around $235. That support zone could hold in the medium term, allowing ZEC to regroup and potentially resume the uptrend from its recent gains.