- Zilliqa mainnet activates its long-awaited Ethereum Virtual Machine compatibility upgrade on Tuesday, April 25.
- Features include faster transactions, native transfer of tokens without conversion and better scalability.
- ZIL price nosedived to $0.029, bulls are closely watching the EVM event to trigger likely recovery in the token.
Zilliqa, a high-throughput blockchain is set to activate its Ethereum Virtual Machine (EVM) compatibility on Tuesday. Through this update, the project will enable several key features like faster transaction processing, native transfer of tokens without conversion and higher decentralization.
ZIL price yielded nearly 5% losses for holders overnight, it remains to be seen whether the EVM upgrade acts as a catalyst for the token’s recovery.
Also read: Meme coin traders hunt for the next PEPE, ape into low market cap projects for gains
Zilliqa gears up for mainnet launch of EVM compatibility
Zilliqa development team has announced the arrival of Zilliqa 2.0 with the upcoming EVM upgrade on Tuesday. The upgrade will activate the blockchain’s compatibility with EVM and this will allow traders to transfer tokens without converting them, cutting out complex processes.
According to ZIL’s official blog post, EVM compatibility will make it easier for traders transferring Non Fungible Tokens (NFTs) between the EVM and Scilla interfaces. Currently, transactions on Zilliqa take up to two minutes and the upgrade could cut waiting time from two to five seconds.
The team is looking at reducing downtime for network upgrades and boosting the user experience for both developers and users.
How will ZIL price react?
ZIL price wiped out its recent gains from the past two weeks. The token has yielded nearly 5% losses for holders overnight. ZIL holders are closely watching the EVM compatibility upgrade to determine whether it can act as a bullish catalyst for the token’s price.
Interestingly, there was a notable decline in the social dominance of ZIL, implying that the token is not a “topic of interest” or being actively discussed on social media platforms.
%20[16.41.04,%2024%20Apr,%202023]-638180179241680699.png)
ZIL social dominance v. price
If social dominance nosedives lower, the EVM upgrade could turn out to be a non-event for ZIL and the token could continue to bleed. Crypto experts at World of Charts believe ZIL is prepared to break out of its multi-month downtrend and the asset is set to hit a bullish target of $0.085, as seen in the chart below.
ZIL price needs to close above the trendline on the one-day price chart, to validate the expert’s bullish thesis.
ZIL/USDT 1D price chart
Failure to breach the trendline could invalidate the bullish thesis and result in further consolidation in ZIL. The bullish target of $0.085 was previously breached between April and May 2022. For evidence, traders could identify a breakout bar to confirm the thesis. Three green bars in succession could help affirm the bullish breakout theory for ZIL price.
Akash Girimath, lead analyst at FXStreet is bullish on ZIL and predicts 3.5x gains for holders. Find out more here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
OpenAI parts ways with cofounder and chief scientist Ilya Sutskever
OpenAI cofounder Ilya Sutskever is exiting the firm for reasons not disclosed yet. Jakub Pachocki replaces Sutskever, taking the baton after running many of OpenAI’s most important projects, Altman says. Reportedly, Sutskever played a key role in the November ouster of CEO Sam Altman.
Sonne Finance suspends all Optimism markets after over $20 million exploit
With PeckShield attributing the attack to a time-locked contract, Sonne Finance has suspended all Optimism markets, adding that the Base market is safe. Noteworthy, Sonne Finance is the first platform to launch a lending protocol on Optimism.
Bitcoin Price Outlook: Will GameStop stock resurgence have downstream effect on BTC and alts?
Bitcoin continues to glide along an ascending trendline on the four-hour time frame. Meanwhile, the GameStop saga that has resurfaced after three years distracts the market, with speculation that it could inspire risk appetite among traders and investors.
Ethereum bears attempt to take lead following increased odds for a spot ETH ETF denial
Ethereum is indicating signs of a bearish move on Tuesday as it is largely trading horizontally. Its co-founder Vitalik Buterin has also proposed a new type of gas fee structure, while the chances of the SEC approving a spot ETH ETF decrease.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.