- Zcash (ZEC) whales accumulated over $30 million in spot buys on Binance in a series of large orders.
- The price faces a short-term technical risk, forming a “double top” near $744 that must hold the $500 support level.
- The macro bull case, supported by Arthur Hayes, is targeting a $1,500 price, fueled by a recent $1B Open Interest peak.
Zcash (ZEC) price signals a parabolic rally ahead with Binance exchange market data showing large-scale buy orders for ZEC earlier since Tuesday.
More than $30 million was used to purchase ZEC coins from Binance. The buyers used approximately $1.2 million per transaction to acquire lots of 2,200 ZEC coins each. Binance data reveals three major clusters for these ZEC buy orders, indicating significant, coordinated whale accumulation.
Related: Zcash Price Prediction: Parabolic Rally Faces First Test As Price Extends Beyond $500
ZEC Price Outlook
Short-Term Risk: A ‘Double Top’ Formation Looms
This strong accumulation, however, is running into a potential technical snag. On the daily timeframe, the ZEC price has formed a potential reversal pattern. The mid-cap altcoin, with a fully diluted valuation of about $10.9 billion, recently retested a major supply level around $744.
After rallying beyond its 2021 peak of around $367, ZEC price is currently retesting its 2018 all-time high (ATH). In the four-hour timeframe, the ZEC price has formed a potential double-top, characterized by a bearish divergence of the Relative Strength Index (RSI).
The bearish sentiment for ZEC is further exaggerated by a potential rising wedge pattern in the four-hour timeframe. The ZEC’s reversal pattern will be confirmed if it falls below $500 in the coming days.
The Macro Thesis: Analyst Eyes $1,500 Target
In the daily and weekly outlook, it is evident that the ZEC price has established a robust rising trend. Crypto trader Farzad highlighted that the ZEC price is currently consolidating after a massive bull run in the past few weeks.
The crypto analyst believes that the ZEC price is well-positioned to reach $1,500 in the near future if the support level around $500 holds strong.
KOL Support and Derivatives Reset Fuel Long-Term Outlook
The ZEC bullish outlook has been heavily influenced by the immense support from Key Opinion Leaders (KOLs). For instance, Naval, and Arthur Hayes, co-founder of BitMEX, have consistently supported ZEC as a top-tier privacy-centric coin.
As such, the altcoin has attracted significant attention from crypto traders. According to market data from CoinMarketCap, ZEC’s trading volume surged 122% in the past 24 hours to hover around $4.79 billion at press time.
Meanwhile, market data analysis from CoinGlass shows a total of $28.13 million was liquidated from ZEC’s leveraged traders, with nearly $23 million involving long traders during the past 24 hours. The heavy liquidation of long traders triggered a $100 million drop in ZEC’s Open Interest (OI), thus further easing the altcoin’s mid-term Bullish sentiment.
Nonetheless, ZEC’s OI recently surged to an all-time high (ATH) of above $1 billion, amid the highly anticipated altseason 2025.
Related: Zcash, Decred And ZKsync Outperform As Traders Revive Privacy Tokens
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