ZkSync price analysis: Can ZK hit $1 by year end?

The cutting-edge Ethereum scaling solution with a massive community, ZkSync (ZK), has completed its highly anticipated airdrop.

The project began in 2020 and has finally launched on the DeFi crypto list, with top exchanges like Bitget and Binance listing its native token, ZK, for trading and staking. 

Following its launch on June 17, the token has traded in reverse of its predictions, declining 38% to an all-time low (ATL) of $0.1904. 

ZkSync’s popularity comes from its use case, a feature that bunches multiple Ethereum transactions into a single unit, reducing the load on the mainnet.

With this feature, users can enjoy faster processing times and lower fees. 

After years of building and growing its user base, ZkSync airdropped 17.5% of its total supply, about 3.675 billion ZK, to over 695,000 eligible wallets. 

The success of the airdrop remains controversial, as on-chain analytics platform Nansen reports that over 41% of top recipients sold or moved their allocations within 24 hours. 

Several analysts have highlighted Bitcoin and Ethereum’s current position beneath crucial support levels as a significant reason for this dump. 

With the general crypto market favoring the bears, investors protect their assets, pulling out their ZK tokens early. 

This development has further fuelled the backlash the project has been receiving since its Sybil protection plan rendered both airdrop farmers and some organic users ineligible for the airdrop.

The token now trades at $0.2238, a 10% rise in its 24-hour chart and a 19.54% surge from its ATL. Its 24-hour chart shows a $0.1973 low and a $0.2373 high. 

With a market capitalization of $824.9 million of the $2.37 trillion of the overall crypto market, ZK is retracing. 

This 11% rise in its market cap puts it at the 84th position on the DeFi crypto list and one of the top 5 gainers.

Its trading volume remains red, marking a 31.47% decline at $769.5 million.

Despite this renewed surge in the token’s DeFi coin price, investors are wary that ZK maintains its bearish momentum.

The token is trading below its resistance zone of $0.2300-$0.3000, but well away from its $0.1800-$0.1500 support zone. 

This bearish sentiment does not negate the general bullish outlook of the token, as some analysts believe that this rocky start would only serve as a brief hindrance to ZkSync’s projected growth.

Unprecedented growth could lie ahead for this token following the announcement of another airdrop.

This new round, initiated by Binance, would airdrop the exchange’s share of 10.5 million ZK to about 52,000 eligible users who didn’t claim tokens from the official one.

Its Relative Strength Index (RSI) hints at a bullish outlook for ZK. 

Buyer momentum could push its value towards the $0.2595 mark, and stability around this price could encourage more buyers, further making the token towards better growth. 

While $1.00 seems a bit far-fetched given the conditions surrounding ZkSync, with a slight nudge in the right direction, the token could reclaim its all-time high of $0.3098 and continue outperforming other L2 rollups coins like Arbitrum (ARB) and Optimism (OP).

Rebel Satoshi Arcade (RECQ) Takes Over Crypto Gaming Scene

With gaming capabilities, a novel altcoin, Rebel Satoshi Arcade (RECQ), has joined the crypto frenzy, offering users fun gameplay with arcades.

The project is trending for its unique offerings, a universe where memes, non-fungible tokens (NFTs), and GameFi intersect. 

This appeal cuts across multiple crypto narratives and offers the best of several worlds.

From classic free-to-play arcades to modern play-to-earn arcades, users are in for a world of fun on this platform.

This top ICO has launched a presale of its transactional and utility token, which is selling quickly.

The second of the eight official presale rounds is approaching completion as the project records purchases of over 583 million tokens. 

RECQ is trading at a DeFi coin price of $0.0044, an 18% increase from its first stage.

A 25% increase is assured for the next round, where the token will sell at $0.0055. 

RECQ offers a low entry point, making it a top pick for newbies and experienced investors alike.

50% of its 3 billion total supply has been allocated to the trending public presale, while the rest has been split across airdrops, rewards, and liquidity pools. 

Once the presale concludes, holders will claim their tokens over a vesting period of 4 weeks at 25% weekly.

Conclusion

Analysts are optimistic that ZkSync could recover wonderfully and retrace its steps on the charts.

With an impressive use case and market capitalization that continues to soar, there is belief that its trading volume will catch up soon as the skepticism surrounding its airdrop fades. 

Rebel Satoshi Arcade continues to trend, quickly becoming a favorite among investors.

Its presale is selling out quickly, with less than 10% remaining to the next round.

For the latest updates and more information, be sure to visit the official Rebel Satoshi Website or contact Rebel Red via Telegram.