Zcash (ZEC) delivered one of its most volatile sessions of the cycle after briefly tagging $1,679.83 early Wednesday UTC, only to slide roughly 12% to an intraday low near $1,476. The daily candle closed around $1,498, and selling continued into Thursday as ZEC set a fresh short-term low at $1,456.92. At the time of writing, the privacy coin was changing hands near $1,465, still up about 73% for September.
The move follows a historic monthly expansion. September opened near $848 and stretched past $1,679, making it the tallest monthly candle on record. By comparison, the 2021 peak was roughly $373, while the November 2025 spike stalled near $750. The rally briefly pushed Zcash's market capitalization above $25 billion, placing it among the top 10 digital assets. Catalysts included the broader market's resurgence, the debut of a ZEC exchange-traded product in Europe, and the launch of a spot Zcash ETF.
Despite the pullback, some analysts remain cautious around the $1,600–$2,000 zone. X user Crypto Patel described ZEC's move as "extraordinary," but warned of a potential cup-and-handle local top and signs of "extreme extension from a psychological perspective." The analyst suggested that if a distribution and downtrend phase develops, ZEC could fall below $500 within one to three years, and potentially as low as $200 if the long-term structure fully reverses. Separately, trader Zayn reported a short position that had grown from $30,000 to more than $60,000 in paper profit, calling it one of the year's biggest wins.
On-chain flows offered a more constructive signal. CoinGlass data showed some investors moving away from centralized platforms and into self-custody after a period of exchange inflows. That shift could reduce immediate selling pressure and open the door to a short-term rebound, though ZEC must first hold key levels identified in the analysis, with the $1,550 liquidation band and the $1,680 sweep still shaping the near-term structure.
