ZCash (ZEC) has defied broader market consolidation with a 10% price surge on December 25, 2025, reaching approximately $446. The rally is accompanied by a 50% spike in daily trading volume to $709 million, while the market capitalization has soared past $7.3 billion.
The price action follows a significant whale transaction reported by blockchain analytics firm Lookonchain. A newly created wallet (t1XKfb) withdrew 30,000 ZEC, worth approximately $13.25 million, from Binance about nine hours before the price increase.
Technical analysis reveals ZEC is forming a bullish ascending triangle pattern on the 4-hour chart. Analysts note the price is respecting an ascending trendline, with buyers currently in control. Crypto analyst AtomB highlighted a key demand zone near $400, expecting a potential retracement into that area before momentum continues. A successful hold above this support could target the $476 resistance zone, while failure to defend support near $380 could lead to a deeper correction.
Data from CoinAnk's liquidation heatmap shows clear liquidity-driven price levels. A strong support zone exists between $388 and $400, characterized by dense liquidation clusters indicating a high concentration of long positions. This area could act as a rebound magnet, with price dips potentially triggering short squeezes. On the upside, strong resistance lies between $450 and $460, where intense liquidation activity has previously led to short liquidations.
Fundamental catalysts are also supporting the bullish sentiment. Analysts predict privacy will be a top crypto narrative heading into 2026, with forecasts from major firms like Grayscale highlighting privacy tokens. Other privacy-focused coins like Monero (XMR), Dash (DASH), and Horizen (ZEN) have also posted gains recently. Furthermore, the utilization of Zcash is increasing, with shielded transactions rising to 30.6% and nearly $2.24 billion worth of tokens now shielded. The Zcash community is also anticipating a potential Grayscale ZEC ETF approval, which could drive institutional inflows.
Technical indicators are turning positive. The MACD line has formed a positive crossover with the signal line and is pointing upwards, indicating growing buyer strength. The Supertrend indicator has also flashed a buy signal. A confirmed breakout above the triangle's neckline at $475 could trigger a rally towards $648—a target representing a potential 45% upside from current levels.
