One of the best-performing altcoins this weekend is zkSync’s ZK. The price is up 10% today and around 26% this week.
This means ZK now has a market cap of over $700 million. The ZK price is $0.195.
The goal of this token is to govern the zkSync network as it transitions towards decentralization. ZK will play a crucial role in the network’s governance structure.
By aggregating multiple transactions off-chain and submitting them as a single proof on-chain, zkSync Era significantly increases Ethereum’s transaction throughput. Fees are also much lower as well.
Analyst’s Bullish Take on ZK Price
An analyst who goes by the name “FastBird” and has over 50k followers, tweeted today that he “jumped into” ZK.
He explained that the chart looks ready to break through resistance and continue its upward momentum. FastBird’s analysis suggests that ZK’s price action is showing promising signs for potential further gains.
The analyst also noted that investors and team tokens are locked for the next year. He expressed his intention to hold ZK either until just before these unlocks occur or until he achieves a 10x return on his investment.
This strategy reflects a belief in the project’s potential for significant growth over the medium term, while also acknowledging the potential market impact of future token unlocks.
Read also: Cardano (ADA) Bullish Patterns Signal Potential Breakout, Say Analysts: Here’s Their Outlook
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