ZKsync Soars 136% on Buyback Plan Amid Bullish Momentum
ZKsync (ZK) led crypto gains this week, surging 136% from $0.029 to $0.07 and adding $350 million in market cap. The privacy-focused Layer-2 token drew strong buying interest on growing demand for zero-knowledge rollups and a new buyback initiative that allocates all network revenue to a governance treasury for future repurchases. On-chain metrics show TVL above $500 million and rising OBV. Technical indicators signal bullish momentum: widening Bollinger Bands, a MACD crossover and an RSI entering mild overbought territory, while the MFI suggests caution after reaching overbought levels. Key support resides at $0.055, with immediate resistance around $0.075 and $0.09. Traders should monitor the $0.065 threshold and on-chain activity to assess if ZKsync can maintain its rally.
Bullish
ZKsync’s significant rally reflects strong fundamentals and technical momentum. The buyback initiative creates a sustained demand catalyst by channeling network revenue into token repurchases, potentially tightening supply and supporting long-term price growth. Elevated TVL and on-chain metrics confirm robust user engagement. Bullish technical signals—such as widening Bollinger Bands, a MACD crossover and rising OBV—indicate continued upside in the short term, despite mild RSI and MFI overbought readings. Traders are likely to drive further gains if key support at $0.055 holds and the token breaks through resistance levels at $0.075 and $0.09.