Zcash (ZEC) has experienced a severe price decline, dropping 13.8% in the last 24 hours to trade at $421.69. The asset is now testing a critical support level at $421.90. This sharp downturn follows the resignation of the entire core development team at the Electric Coin Company (ECC), Zcash's primary development entity, which included about 25 employees, senior leadership, and the chief scientist. The departures stemmed from a governance dispute with Zcash's bootstrap board, creating a significant crisis of confidence for the project.
Technically, ZEC failed to hold above the $470 level, a key near-term stabilization zone, intensifying selling pressure. Resistance is now firmly established at $490.24, creating a defined trading corridor. Chart analysis suggests that for any meaningful recovery, ZEC must first reclaim this resistance level, with potential rebound targets lying between $560 and $640. Against Bitcoin, ZEC also fell 12.1% to 0.004679 BTC, indicating broad-based weakness.
In stark contrast, other major altcoins are witnessing institutional interest. XRP is recording ETF inflows and increased whale activity, momentum attributed to news of a collaboration between Ripple and Amazon Web Services (AWS). Similarly, Solana is seeing ETF inflows, new token launches, and expanded institutional adoption. This divergence highlights a shifting capital flow within the altcoin market, away from projects facing internal turmoil and towards those gaining institutional validation.
