Privacy-focused cryptocurrency Zcash (ZEC) is seeing mixed sentiment after its recent rally pushed the price above $600. Some traders believe the rally still has more room to grow, while others think the move may be running out of strength.
Interest in ZEC increased after Digital Currency Group founder Barry Silbert described the coin as “becoming a quantum play,” creating a new narrative around the asset.
Analyst Ansem also added to bullish sentiment by saying buying ZEC now feels similar to buying Bitcoin when it traded around $615 ten years ago.
In a tweet, tracking platform Lookonchain reported that trader Evaded, known online as @ICanPlug, made more than $7.5 million in under four days using leveraged long positions on ZEC and Hyperliquid (HYPE).
The trader held:
- 36,875 ZEC worth about $24.15 million
- 287,618 HYPE valued near $20.94 million
- A separate 25x leveraged Ethereum long position worth around $38.63 million
However, not every large trader is bullish. Lookonchain also revealed that trader Garrett Jin placed limit orders to short more than $36 million in ZEC while increasing exposure to HYPE.
The different positions taken by major traders highlight uncertainty over whether ZEC can continue its breakout after its sharp rally in recent weeks.
Related: Zcash Price Prediction: Can ZEC Reclaim $600 as Open Interest Rebounds?
Some market analysts are warning traders to be careful about entering after the recent surge. Analyst Scott Melker pointed to a large bearish divergence on ZEC’s daily chart, suggesting the asset may be overbought.
Market data from CoinMarketCap showed that ZEC dropped 4.36% over the last 24 hours to around $634 while Bitcoin remained mostly flat. Analysts said the decline was likely caused by profit-taking and investors moving funds from privacy coins into AI-related crypto projects.
ZEC also struggled near the important $690–$700 resistance zone, which previously triggered a strong rejection in November 2025.
Analysts said if ZEC fails to reclaim the $664 level, the price could fall toward the $564 support area. Some bearish forecasts even point to a possible correction toward $500 if momentum weakens further. At press time, ZEC is trading at $629.
Despite short-term caution, some analysts believe ZEC’s overall structure still looks positive.
Analyst Ardi said the recent rebound toward $680 does not appear to be driven mainly by retail traders. Instead, mid-sized investors and institutional flows seem to be supporting the move. According to the analysis, institutional activity began recovering after falling during the previous correction, and those flow lows closely matched ZEC’s local price bottom.
Ardi added that if institutional buying continues and ZEC moves back above the November high region near $640, the chances of another upward move could improve significantly.
(adsbygoogle = window.adsbygoogle || []).push({});More bullish sentiment came after Multicoin Capital co-founder Tushar Jain discussed the firm’s Zcash investment during an appearance on the Bankless podcast. Jain said the firm became more interested in Zcash because of improving infrastructure, stronger adoption, and renewed interest in crypto privacy.
He explained that Multicoin had watched Zcash for years without investing heavily, but changed its view after the asset’s rally and correction held well above previous lows. According to Jain, the correction acted as a “stress test” that Zcash passed successfully, while the project’s community stayed active during the downturn.
He also described Zcash as a possible private store of value, where branding, social coordination, and monetary perception could become more important in the future.
