Zcash's trading volume surged over 100% in a single day, with its price briefly reaching around $680 before retreating to approximately $665, suddenly regaining attention after one of the market's strongest short-term rebounds.
Zcash remains in the top three
Through this move, ZEC is now alongside Hyperliquid and Toncoin among two assets that have shown strong momentum structures after a prolonged bear market.
The 50-day, 100-day, and 200-day moving averages are all showing a fully bullish configuration, with ZEC currently trading significantly above all major moving averages. Following a breakout from the previous consolidation range near $500, the price has begun to expand vertically, driven by short covering and derivatives trading activity.
According to Coinglass, nearly all of the $28 million in liquidations over the past 24 hours came from short positions. Spot trading volume rose to over $477 million, while futures trading volume surged to $5.7 billion, indicating that this rally was not entirely driven by leverage.
Hyperliquid's recovery point
The daily RSI indicator for ZEC has risen above 70, indicating strong upward momentum, but also suggesting that without consolidation, the sustainability of the rally may become more unstable. Super liquidity is showing a similar trend. After regaining an uptrend structure and breaking through resistance with a powerful momentum candle, HYPE's stock price surged into the $60 range.
After months of consolidation, TON has adopted a delayed recovery strategy, but its structure remains weaker than ZEC and HYPE, as its price still remains very close to the long-term resistance level.
Traders should now closely monitor whether buyers can hold the $600–$620 range, especially for ZEC. If the price stabilizes near $700, it may continue toward the psychological resistance level around $750, and potentially rise further. If this range fails to hold after a nearly parabolic rally, a sharp profit-taking correction is likely.
The current market movements of ZEC, HYPE, and TON indicate that capital is shifting toward previously overlooked assets, rather than reflecting overall market stability. This is an important distinction.
These upward trends may last longer than expected, but historically, once leverage becomes overheated and new spot demand disappears, the行情 will reverse sharply.