Zcash (ZEC) Eyes $250 as Funding Push and Whale Buying Spark Fresh Momentum
Zcash (ZEC) is showing positive momentum, potentially reaching $250, fueled by new funding for its ecosystem and increased buying from large holders ('whales').Summary
Zcash (ZEC) is experiencing a price recovery following a significant funding boost for Zcash Open Development Lab (ZODL) and increased activity from whales. The price is currently testing the upper boundary of a long-running downtrend channel, and a breakout could signal a shift towards a recovery phase. Technical indicators, such as a bullish divergence in the Relative Strength Index (RSI), support this potential reversal. On-chain data reveals that Zcash whales on Solana have increased their holdings by 167%, and mega-whales have increased holdings by 17% over the past week, accumulating roughly $3.3 million worth of ZEC. Furthermore, exchange balances are decreasing, indicating coins are being withdrawn rather than sold. The derivatives market shows limited leverage, suggesting a spot-driven rally. Key resistance levels to watch are $227 and the $249-$252 range, with a break above $227 potentially leading to the $250 target. However, a fall below $211 could weaken the recovery, and a drop below $191 would invalidate the current pattern.
(Source：BeInCrypto)