Zcash (ZEC) price has soared to its highest level since November 27, reaching approximately $515, marking a more than 70% increase from its monthly low. This rally positions ZEC among the top-performing cryptocurrencies, driven by a broader surge in demand for privacy-focused tokens.
The momentum is underscored by a significant spike in futures open interest, which has jumped to around $1.3 billion, nearing its all-time high and rising sharply from a monthly low of $700 million. This surge in open interest is a key indicator of rising investor demand. Spot trading volume has also seen a substantial increase, hitting over $4.18 billion on a recent Sunday, the highest level since December 12.
On-chain data further supports the bullish sentiment. The number of daily Zcash transactions has climbed to 46.6k, and the shielded supply—a core privacy metric—has risen to over 4 million tokens, indicating heightened user activity and adoption of its privacy features.
Technical analysis reveals a compelling bullish setup. Analysts, including Ali Charts, point to an ascending triangle pattern forming on ZEC's charts, with a key resistance zone between $450 and $470. A confirmed breakout above $470 could trigger a significant price movement, with technical targets pointing toward the $650 level and potentially the year-to-date high near $746. The token is trading above its 50-day Exponential Moving Average, and the MACD indicator shows sustained positive momentum.
The rally is part of a wider trend benefiting privacy coins. Monero (XMR) has surged to $452 from a November low of $320, and Dash (DASH) is up over 26% from its monthly low. Other tokens like Midnight, Horizen, and Decred have also rallied. Analysts attribute this to growing institutional and retail interest in financial privacy, with data showing the top 100 ZEC addresses increasing their holdings by over 2% during recent price dips, signaling accumulation by large holders.
