Zcash Whales Quietly Accumulate as ZEC Tries to Recover From a 30% Sell-Off

Zcash (ZEC) is attempting to stabilize after a sharp 30% decline in late December, which was fueled by developer exodus concerns. On-chain data reveals that Zcash whales—addresses holding over $1 million—have shifted to accumulation, increasing their collective ZEC balances by nearly 13% over the past week. This buying activity coincided with ZEC reclaiming the $403 level, suggesting large holders see value after the dip.

Technical indicators support a potential bullish reversal, as the MACD is nearing a crossover into positive territory, and higher lows have formed since the $363 area. The Parabolic SAR also suggests an uptrend may be forming. Currently trading around $421, ZEC needs to break the $443 resistance to challenge the $500 level. Failure to break this resistance could lead to consolidation between $403 and $443, while a drop below $403 would invalidate the current bullish structure.

(Source：BeInCrypto)