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With trading volume surging more than 100% in a single day, and price briefly reaching the $680 region before cooling near $665, Zcash has abruptly returned to the spotlight following one of the market's strongest short-term recoveries.
Zcash stays in Top-3
With this move, ZEC now stands alongside Hyperliquid and Toncoin, two other assets that are exhibiting aggressive momentum structures following protracted bearish periods.
The 50-day, 100-day, and 200-day averages are all in a completely bullish formation, and ZEC is currently trading well above all major moving averages. A vertical expansion move, driven by short liquidations and derivatives activity, was initiated by the breakout above the previous consolidation range around $500.
According to Coinglass data, shorts accounted for almost all of the $28 million in 24-hour liquidations. Spot activity increased to above $477 million, and futures volume surged to $5.7 billion, demonstrating that the rally is not solely driven by leverage.
Hyperliquid's recovery point
ZEC's daily RSI has risen above 70, indicating significant momentum, but also cautioning that without consolidation, upside continuation will become more erratic. Hyperliquid is displaying a comparable trend. After regaining its ascending trend structure and surpassing resistance with enormous momentum candles, HYPE exploded toward the $60 area.
After months of compression, TON produced a delayed recovery move, but because it is still trading much closer to long-term resistance, its structure is still weaker than that of ZEC and HYPE.
Traders should now keep an eye on whether buyers are able to defend the $600–$620 range, particularly for ZEC. The asset may continue toward psychological resistance around $700, and possibly $750, if it stabilizes there. Aggressive profit-taking would probably ensue if that area was not held after the near-parabolic rally.
Instead of general market stability, the current market behavior across ZEC, HYPE, and TON points to capital rotation into assets that were previously neglected. That's an important distinction.
These rallies can last longer than anticipated, but historically, once leverage overheats and new spot demand vanishes, they also reverse sharply.
Dan Burgin
