Key Points
- Among the top 30 cryptocurrencies by market capitalization, ZEC has been the best performer, rising 12% in the past 24 hours.
- The coin is trading above $350 and could see further upside in the short term.
ZEC Surges Past $350 as Rally Continues
ZEC, the native token of the Zcash ecosystem, has continued its rally, gaining roughly 12% over the last 24 hours. This move follows an exceptional 30-day performance in which the token climbed about 380%, outperforming many major cryptocurrencies.
The recent momentum accelerated after Solana, the second-largest smart contract platform, introduced wrapped ZEC via the Zolana bridge. These wrapped tokens operate as standard Solana Program Library (SPL) tokens, which means they do not carry the native privacy features of Zcash.
Although the wrapped tokens are backed 1:1 by native ZEC, the bridging process does not conceal balances or transaction details on Solana.
ZEC Eyes $400 as Bullish Trend Remains Intact
On the 4-hour ZEC/USD chart, the coin maintains a bullish and efficient uptrend driven by sustained buying pressure. Technical indicators present a bullish picture, suggesting buyers currently control the market and that additional short-term gains are possible.
The relative strength index (RSI) at around 67 signals a bullish bias and continued buyer dominance. The MACD lines sit in positive territory as well, supporting the case for further near-term price acceleration.
If the bullish trend persists, ZEC could push toward the $400 area within hours or days. Should the rally extend, the token might retest multi-year highs near $500 over the coming days or weeks.
On the other hand, if ZEC faces a correction after the recent gains, a pullback to $318 (ILQ) could occur in the short term. A deeper decline could bring the price down to major support around $235 (TLQ). That support level is likely to hold in the medium term, which would allow ZEC to consolidate before potentially resuming its upward trajectory.