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Zilliqa (ZIL) remains under bearish pressure after its price fell sharply amid recent network disruptions.
While the ZIL token’s current price saw a slight bounce to $0.022, a look at the performance over the past month indicates a downtrend. The slight recovery from the April lows of $0.020 suffered a lack of decisive upside action, capping bulls’ efforts nearly 50% off year-to-date highs of $0.045.
However, a bullish flip across the crypto market, with Bitcoin in the lead, could be a huge boost for Zilliqa though.
Also likely to catalyse new upward momentum is Zilliqa’s v9.3.4 network upgrade.
Zilliqa to launch its network upgrade v.9.3.4
Zilliqa’s network suffered disruptions to block generation last week, a slowdown that added downside pressure to the ZIL market.
While the technical team managed to restore full functionality, it’s targeting the rollout of its version 9.3.4 network upgrade for key bug fixes.
As well as fixes to bugs such as gas estimation, transactions log timeout and duplication, Zilliqa v9.3.4, is also set to enhance EVM compatibility.
The Zilliqa team said in a recent blog post that they plan to roll out the v9.3.4 network upgrade to the Zilliqa mainnet on May 20, 2024.
The development could aid Zilliqa’s price and the decentralised finance (DeFi) ecosystem around the project. This ecosystem, given current data, pales in comparison to other top DeFi networks and ecosystems.
Per data on DeFiLlama, the total value locked (TVL) on Zilliqa is just $2.56 million, with top protocols ZilSwap, Ionise, Avely Finance, PlunderSwap and Pillar all posting unimpressive figures.
ZIL price outlook
Ahead of the v9.3.4 upgrade, ZIL price is hovering above the $0.022 level.
If there’s a broader market pump amid this development, Zilliqa’s native token could ride the sentiment to target a breakout to $0.025 and possibly $0.03.
Such gains are likely to tie in with buzz around the upcoming Zilliqa 2.0 migration.
In addition to transitioning to a Proof-of-Stake (PoS) network mechanism, Zilliqa 2.0 aims at native EVM execution among other protocol improvements.
Zilliqa is also targeting the Web3 space, and the team highlighted Web3 gaming as one of the sectors in focus in its monthly newsletter.
Thus despite an overall bearish outlook for ZIL, upcoming events could catalyse a bullish flip and help prices recover to YTD levels in coming months.
If not, as suggested by the technical chart above, Zilliqa’s price could touch the primary support around $0.019.
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