Zcash jumps as ZEC outpaces SOL in perpetuals and on‑chain shielded usage
Zcash (ZEC) staged a sharp late‑December rally, with a 17% one‑day surge to about $515 on Dec. 27 and a broader ~30% Santa rally that recovered roughly 43% for the month and erased half of Q4 losses. Perpetual futures activity spiked: global 24‑hour perp volume for ZEC briefly reached about $2.9 billion (≈7% market share), temporarily surpassing Solana (SOL) and ranking third behind BTC and ETH. Futures open interest and spot volumes also climbed, signaling rising speculative demand. On‑chain metrics show increased real use of ZEC’s privacy features — shielded supply doubled in recent months to roughly 4–5 million ZEC — while exchange outflows and accumulation indicate holders are moving coins off exchanges. Technicals turned constructive as ZEC reclaimed its 50‑day moving average and cleared Supertrend resistance; analysts cite upside targets from $600 up to $746–$800 if momentum continues, with key short‑term support near $450. Traders should note heightened perp volume and rising open interest (confirmation of demand), stronger on‑chain adoption of shielded pools (narrative tailwind), and the risk of profit‑taking or volatility typical of privacy coins. Key action points: monitor perp volumes and open interest for sustained demand, watch $450 support and the 50‑day MA for trend validity, and manage position size given elevated volatility.
Bullish
The combined reports show multiple bullish confirmations for ZEC. Volume indicators (24h perp volume and spot volume) and rising futures open interest point to genuine demand rather than a thin, short‑lived pump. Reclaiming the 50‑day MA and clearing Supertrend resistance provide technical confirmation of trend change. On‑chain growth in shielded supply and continued exchange outflows suggest accumulation and strengthening fundamental narrative—privacy adoption—which can support sustained price appreciation. Short‑term upside toward $600–$750 is plausible if perp volume and open interest remain elevated; however, the trade carries typical privacy‑coin volatility and a clear risk: a failure to hold the $450 support or a sudden drop in perp activity could trigger rapid profit‑taking. For traders, this implies a bullish bias but with strict risk management (watch support levels, scale positions, and monitor funding rates/perp flows).