Why did the Zcash (ZEC) price explode today?
Currently trading around $665, the native token of Zcash is showing a massive surge of over 14% in the last 24 hours. This sudden bull run sharply contrasts with the overall market sentiment. Indeed, data shows that 60% of traders have opened short positions, anticipating an imminent correction.
However, buying pressure from whales has completely reversed the trend. Their massive long positions triggered a cascade of liquidations among short sellers. This short squeeze phenomenon acted as pure rocket fuel, propelling the ZEC price to new local highs and forcing bears to capitulate.
Now, ZEC is challenging its peak around $730 reached in November 2025. Could an imminent breakout be on the horizon?
Can Zcash (ZEC) sustain this bullish breakout?
From a technical standpoint, the ZEC chart shows undeniable strength. The asset recently managed to shatter several key resistance levels, backed by surging trading volumes. Nevertheless, the daily RSI indicates a strong bearish divergence. This indicator, combined with the approach to its former ATH, calls for caution. Indeed, it is now better to remain patient at this level and wait for confirmation that the asset can hold $620 as support.
If the momentum continues, the next major target for the bulls lies in the $700 to $745 zone. A daily close above this threshold would confirm the validity of this breakout and could pave the way toward $830, according to the FBB.
Conversely, a rejection at these levels could lead to a swift retracement. The first solid support is found around $625. If sellers regain control and break below this level, ZEC could slide toward the psychological zone of $600, offering the market a breather before the next upward move.
How high can the Zcash (ZEC) price go?
The battle between retail traders, who are predominantly bearish, and accumulating whales is defining the current price action. As long as large wallets continue to support the market, sellers risk facing further liquidations. This dynamic could mechanically fuel the token rise in the short term.
The privacy cryptocurrency market is experiencing a global resurgence of interest, and Zcash appears to be the primary beneficiary. Solid fundamentals and growing institutional interest are creating an explosive cocktail for shorters trying to swim against the tide of this trend.
However, unlike HYPE, Zcash is showing weaknesses in its RSI and a slowing demand as it approaches the top. HYPE is clearly driven by the massive inflows of its ETF. Meanwhile, ZEC is eagerly awaiting the launch of its first ETF, which was recently filed with the SEC.
In this context, the rally and the breakout have every chance of culminating in the launch of this ETF. The question is when it will be launched. Generally, ETFs are launched 3 to 6 months after their filing. ZEC could therefore get its ETF by the end of the year. Furthermore, the quantum resistance upgrade is also a potential catalyst highly anticipated by whales.
Nevertheless, ZEC should be able to reach $830 in the coming months if the market climbs and Bitcoin reclaims $80,000.
The question now is whether this rally has enough momentum to be sustained over time even without the ETF. The coming days will be crucial in determining whether the asset consolidates its gains or suffers a drop. Will whales continue to propel ZEC toward the symbolic $1,000 mark?
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