Zcash (ZEC) whales have recently accumulated over $30 million in spot buys on Binance through a series of large orders. Market data from Binance reveals significant coordinated buying activity, with buyers executing transactions of approximately $1.2 million each to acquire lots of 2,200 ZEC coins. This large-scale accumulation, clustered in three major buy order groups, highlights strong whale interest in Zcash.
### Short-Term Technical Risk: Double Top Formation Near $744
Despite this strong buying momentum, ZEC faces a potential short-term technical challenge. On the daily chart, Zcash has formed a possible reversal pattern, retesting a key supply level around $744. Having surged past its 2021 peak of approximately $367, ZEC is now testing its 2018 all-time high (ATH).
In the four-hour timeframe, the coin has developed a potential double-top pattern accompanied by bearish divergence on the Relative Strength Index (RSI), signaling weakening momentum. This bearish sentiment is compounded by a possible rising wedge pattern in the same timeframe. Confirmation of a reversal would occur if ZEC’s price falls below the critical $500 support level in the coming days.
### ZEC Price Outlook: Bullish Macro Thesis Targets $1,500
On a longer-term basis, Zcash is showing a strong upward trend on daily and weekly charts. Crypto trader Farzad notes that ZEC is currently consolidating after a massive bull run over recent weeks and suggests that if the $500 support level holds, the price is well-positioned to reach $1,500 in the near future.
### Key Opinion Leaders and Derivatives Market Influence
The bullish outlook for ZEC is further boosted by significant endorsements from key opinion leaders (KOLs) in the crypto space. Notably, Naval Ravikant and Arthur Hayes, co-founder of BitMEX, have endorsed ZEC as a premier privacy-centric cryptocurrency, attracting considerable trader attention.
Supporting this enthusiasm, CoinMarketCap data indicates a 122% surge in ZEC’s trading volume over the past 24 hours, currently hovering around $4.79 billion. Meanwhile, CoinGlass reports that $28.13 million was liquidated from ZEC leveraged positions recently, with nearly $23 million involving long traders. This heavy liquidation contributed to a $100 million decline in ZEC’s Open Interest (OI), easing mid-term bullish pressure.
Nevertheless, Open Interest has rebounded sharply, recently hitting a new all-time high above $1 billion amid growing excitement around the anticipated “altseason” in 2025. This spike in OI underscores sustained confidence in ZEC’s long-term upside potential.
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In summary, while Zcash faces short-term technical challenges, strong whale accumulation, robust trading volumes, and influential endorsements paint an optimistic picture for its future price trajectory. Holding above $500 will be critical for realizing the projected surge toward $1,500 in the months ahead.
https://bitcoinethereumnews.com/tech/zec-whales-accumulate-30m-price-battles-double-top/
