coinjournal.net
- Zilliqa (ZIL) recently hit 66 million network transactions.
- However, ZIL price was down 2.5% at the time of writing, trading near $0.024.
Zilliqa (ZIL) price has traded in the $0.021-$0.026 range. Indeed, the downside pressure on the coin has hindered bulls since the sharp decline witnessed on April 12 and 13 when ZIL price fell more than 30% in two days.
But what’s the outlook for Zilliqa price as the network hits a key transaction milestone? Is Zilliqa 2.0 a potential catalyst for ZIL?
Here’s a look at this coin’s price performance.
Zilliqa recently hit 66 million transactions
Zilliqa is one of the crypto projects with largest communities around it.
The project has reached nearly 5 million addresses and on May 28, Zilliqa shared a post on X indicating network transactions had surpassed 66 million.
Data also showed close to 110,000 delegators and over 5 million in total staked ZIL, which represents 29% of the total circulating supply. Zilliqa is recording these positive metrics ahead of Zilliqa 2.0, an upgrade aimed at enhancing network scalability, security and interoperability.
A new version of Zilliqa will not only streamline transactions via state sharding, but also bring about greater EVM compatibility, native account abstraction, smart accounts and improved developer tools.
ZIL price outlook
Zilliqa price is down 2.5% in the past 24 hours and flat in the past 30 days as bulls struggle for momentum.
ZIL currently trades at $0.024 across major crypto exchanges, with these levels indicating an unimpressive 2.9% upside in the past year.
A look at ZIL price on the weekly chart shows weakness despite a green candle close this past week. Buyers are also likely to target a positive return this week, but with the RSI and MACD suggesting a bearish course, its possible Zilliqa could retreat to lows of $0.022.
However, if price breaks higher alongside gains for Bitcoin and the big cap altcoins, ZIL could target $0.034 and $0.039 as the next major hurdles.
Notably, Bitcoin and Ethereum are also struggling amid broader crypto downside.