zkSync price has been making a strong comeback, gaining nearly 21% in a week and reclaiming the bullish territory. After experiencing a rejection from its all-time high of $0.309 and falling towards a record low of $0.131, zkSync has seen a resurgence in the last couple of weeks.
Despite this recovery, zkSync is still 37% below its all-time high. However, the recent increase in demand and transaction volume suggests that the price may continue to rise. The transaction volume has surged by 35.98%, indicating heightened demand. Additionally, the volume to market cap ratio suggests high volatility.
zkSync is a Layer-2 protocol that aims to enhance Ethereum’s scalability using zero-knowledge (ZK) technology while upholding principles of freedom, self-sovereignty, and decentralization.
Analysts believe that zkSync may continue to form a higher-low pattern and potentially reclaim its all-time high of $0.30. The price hovering above the 20-day EMA and the RSI above the SMA line indicate a positive outlook. Furthermore, a bullish divergence has been observed on the chart, further validating the positive trend.
Overall, with the recent surge in price, increased transaction volume, and positive technical indicators, zkSync has the potential to reclaim its all-time high in the near future.