Zcash is trading at $171.84, up 31% in the past 24 hours. The coin has surged 40% over the past week and is now up 244% over the last month, giving it a market capitalization of $2.8 billion. Its price briefly touched $179.46, marking the highest level since 2021.
Trading activity is picking up alongside the price rally. Daily volume rose 22.4% to $664.5 million, while derivatives volume jumped 75.7% to $1.18 billion, according to CoinGlass. Open interest in Zcash increased 54.4% to $227.2 million, signaling that traders are taking on more leveraged positions. While this could support short-term gains, any sudden price drops may trigger sharp liquidations.
Privacy narrative fuels renewed demand
Zcash’s rally is part of a broader resurgence in privacy-focused cryptocurrencies. Growing concerns over blockchain surveillance and government oversight have spurred interest in anonymous transactions. Influential figures, including Naval Ravikant, have described Zcash as “insurance against Bitcoin,” fueling online debates. Retail attention has surged, with trading volumes surpassing $1 billion earlier this week, driven by a 1,000% increase in ZEC mentions on X.
Institutional adoption is also strengthening. Since its launch in early October, Grayscale’s Zcash Trust has accumulated roughly $46 million in ZEC, providing accredited investors with a regulated way to gain exposure. This has boosted liquidity and enhanced ZEC’s credibility within traditional finance.
Network activity is rising as well. Zashi wallet downloads on iOS have exceeded 12,000, while shielded transactions have grown 15.5% month over month. ZEC has integrated with more than 20 blockchains through cross-chain solutions like THORSwap and Zashi CrossPay, which have processed over $9.5 million in private swaps.
Technical analysis
Despite its bullish momentum, ZEC shows early signs of exhaustion. The commodity channel index stands at 109.35, and the relative strength index is at 73.22, suggesting the coin may be overbought in the short term.
The Williams %R at -11.09 indicates that buyers may be losing momentum, though the Awesome Oscillator and MACD remain positive, signaling continued upward pressure.
ZEC’s price remains above all major moving averages, confirming that the overall bullish trend is intact. The 200-day SMA at $47.17 highlights the magnitude of the rally, while the 10-day EMA ($139.88) and 20-day SMA ($98.83) now serve as short-term support levels.
The average directional index (ADX) at 60.75 points to a strong, established trend; however, a potential consolidation period may occur before the next leg higher. A failure to maintain support at $165 could trigger a pullback toward $150–$155, whereas a decisive break above $180 could open the door for a move toward $200.
