The Night Elf capital was built on the shore of the well of Eternity. The well of eternity IS the malestrom today. We SEE the night elf capital in Nazjatar. We have been told many many times the Naga capital was built on the Nightelf one.
It’d be really hard to explain away Nazjatar being in a different location. Edit: They would have to retcon the entire history of night elf civilization if they wanted to change the location of Nazjatar.