Key takeaways
- ZEC is the top-performing cryptocurrency among the 30 largest by market capitalization, rising 12% in the past 24 hours.
- The coin is currently trading above $350 and could see further gains in the near term.
ZEC climbs above $350 as rally continues
ZEC, the native coin of the Zcash ecosystem, has extended its rally, gaining 12% over the last 24 hours. This surge follows a remarkable 380% increase over the past 30 days, outpacing many major cryptocurrencies.
The recent gains came after Solana, the world’s second-largest smart contract platform by some measures, introduced wrapped ZEC via the Zolana bridge. Wrapped tokens operate as standard Solana Program Library (SPL) tokens. As such, they do not provide the privacy protections inherent to native Zcash.
Additionally, these wrapped tokens are backed 1:1 by native ZEC but do not obscure account balances or transaction details.
ZEC targets $400 as uptrend persists
The ZEC/USD 4-hour chart reflects the ongoing strength of the coin. Technical indicators point to buyer control, suggesting the uptrend could push ZEC higher in the near term.
A Relative Strength Index (RSI) reading of 67 indicates bullish momentum, with buyers currently in control. The MACD lines are also in positive territory, reinforcing the potential for further price appreciation.
If the current trend continues, ZEC could push toward the $400 level within the coming hours or days. An extended rally could carry the coin toward its multi-year high near $500 in the days or weeks ahead.
However, if ZEC faces a correction after its recent run-up, the price could pull back to the initial support level around $318 within the next few hours. A deeper decline might see ZEC test the primary support near $235. That level would likely hold on a medium-term basis, allowing ZEC to resume its recent momentum.