The ZKsync price has held steady over the past few days, defying the ongoing crypto market crash. ZK jumped to $0.07500, its highest level since May 15. It has soared by 213% from its lowest level this year.
ZKsync Price Jumps After Major Upgrade
The ZK price has jumped in the past few days as the developers unveiled a major upgrade that will boost its utility. In a statement, they noted that the ZK token will now have more utility.
In addition to governance, it will be used for on-chain interoperability fees for moving assets across ZKsync and Prividiums. It will also be used for off-chain enterprise licensing of advanced modules for banks and institutions.
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Most importantly, the ZKsync price will benefit from token burns, staking rewards, and ecosystem growth. It will also reduce its inflation in the longer term.
ZKsync price also increased after developers unveiled Atlas, its upcoming network upgrade. Atlas will be able to handle over 15,000 transactions per second and achieve one-second ZK finality across chains. The statement added:
“Atlas turns Ethereum itself into a live liquidity hub while enabling direct, near-instant communication between all ZK Stack chains. While full Ethereum L1 finality still takes around 10-15 minutes, this is light-years faster than the 7-day wait on optimistic rollups.”
These developments came as third-party data shows that the network is doing well. Nansen numbers show that transactions jumped 130% over the last 30 days to over 1.03 million.
ZKsync’s user base has jumped by over 30% in this period to 320,000, while its generated fees rose by 174% to over $129,000.
Meanwhile, ZKSync has become one of the biggest networks in the real-world asset (RWA) tokenization industry. It has 41 networks and over $2.4 billion in total value locked (TVL). The top players in the network are Tradabl, Securitize, and Sygnum.
ZK Price Technical Analysis
The daily chart shows that the ZKsync price bottomed at $0.02 in October and then bounced back to a high of $0.075, its highest point in months. It has now moved above the 50-day moving average, while the Relative Strength Index (RSI) has moved to 65.
Therefore, the token will likely continue rising as bulls target the psychological $0.10 level, about 70% above the current level.
However, it is possible that it will retreat as investors sell the news. If this happens, it may drop to the key support at $0.036.
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