Solana Taps ZK Compression and Cheaper On-Chain Deployment: Price Rise Ahead?

Solana made tools to lower the financial and computational costs of launching apps, collections, or other on-chain actions. It also adopted ZK compression to speed up its network.

According to Solana, These are pricey resources and might cause problems for all app developers, particularly when onboarding new users. Project scaling is now unhindered by the new Solana network.

By using direct ZK compression, L2 scalable solutions will no longer be required for Solana. By making this change, Solana departs from Ethereum. Rather than constructing L2 for information storage, Solana will compress data on L1.

This implies that only the confirmed hashes of events—rather than the actual events—will be posted to the blockchain. State bloat will be resolved by the compression, which will also facilitate app development.

The ZK compression comes at a time when the ZK token is trading at $0.1672, down 0.64% as compared to the same time last day.

Will ZK Rise in the Future?

The Relative Strength Index (RSI) for ZK holds above 50, indicating prolonged higher lows, while the Moving Average Convergence Divergence (MACD) is above the signal line, suggesting a positive rebound for the zkSync cryptocurrency market. The bullish feeling is further reinforced by the positive green hues observed in the MACD histograms.

The zkSync price may draw additional purchase orders and pave the way for a sustained uptrend if it closes steadily above $0.2595. Buyers should keep an eye on the following critical levels: $0.3500 and $0.4446. The market may recover its top price of $2.9700.

As of this writing, there is a predominant bearish emotion in the zkSync token price. In light of the recent zkSync airdrop and the active selling of ZK tokens by the asset’s holders, the cryptocurrency market has primarily displayed a gloomy view. It is premature to sell one’s stake, though, since the overall outlook is still positive and experts predict that the price of ZK tokens will rise in the near future.

According to CoinCodex’s estimate, the price of zkSync may increase by 231.97% and reach $3.47 by July 17, 2024. The price of the zkSync coin is predicted to vary from $1.044768 to $5.00 in 2025, meaning that if it reaches the higher prediction, it may rise by 2,168.94% from its current value. The projected price range for zkSync by 2030 is $2.71 to $4.39, suggesting a potential increase in value of 1,891.90% over its current level.