Crypto
Zcash price: Why ZEC is up 26% Today, and what’s Next
Zcash price gained 26% as volume jumped 103%, whale profits expanded, and short liquidations topped $10 million. Here's what traders are watching.
6h ago 4,280
BLOCKINSIDERLoadingZcash price gained 26% as volume jumped 103%, whale profits expanded, and short liquidations topped $10 million. Here's what traders are watching.
Zcash (ZEC) emerged as the top-performing cryptocurrency on 15 June as the broader digital asset market extended its recovery. The Zcash price gained 26.27% during the same period, while trading volume climbed 103.31% to $966 million.
Total crypto market capitalization increased by roughly 3% over the past 24 hours, creating a favorable backdrop for risk assets across the sector. The increase in activity made ZEC one of the market's most actively traded assets during the session.
The latest advance follows a correction earlier this month that pushed ZEC from the $600 region to a low near $250 on 5 June. Since then, the token has gradually recovered, reclaiming several key levels that were lost during the decline.
Large traders have benefited substantially from ZEC's latest advance.
According to an X post shared by Onchain Lens, trader Garrett Jin's 2x leveraged ZEC long position was showing more than $4.7 million in floating profit as ZEC traded above $530. The same trader was also sitting on approximately $12.55 million in unrealized gains from a Bitcoin (BTC) position.
Another trader, Loracle, was reportedly holding a 10x leveraged ZEC long position that had accumulated more than $6.87 million in floating profits.
The profitability of these positions highlights growing confidence among some large market participants as ZEC continues recovering from its early June correction.
https://x.com/OnchainLens/status/2066483572278726695?s=20
Exchange flow data showed elevated movement of ZEC toward trading venues during the rally.
CoinGlass analytical platform recorded approximately $45.16 million in exchange inflows compared with about $29.88 million in outflows during the latest session. The higher inflow figure suggests some investors moved tokens onto exchanges, potentially to realize profits following ZEC's recent gains.
Outflows remained significant, however, indicating that a portion of market participants continued withdrawing coins into private wallets. This behavior is often associated with longer-term holding rather than immediate selling.
Despite the larger inflow figure, ZEC continued climbing throughout the session. This suggests buyers were able to absorb the additional supply entering exchanges and maintain control of the trend.
The Zcash price has moved back above the $525 level, an area that previously acted as support before turning into resistance during the June decline.
On the daily chart, ZEC traded near $535 after reaching an intraday high of $543. The recovery has also pushed the asset back above the $404 support zone that helped stabilize price action following the early June sell-off.
Technical indicators have improved alongside the recovery. The Relative Strength Index (RSI) climbed to 54.89, while its signal line stood at 45.14. The move pushed RSI back above the neutral 50 level after spending several sessions in weaker territory.
The next major resistance remains near $695. That level capped multiple advances during May and represents the next significant hurdle if buyers maintain control above $525.
Liquidation data reveals substantial pressure on traders betting against the rally.
CoinGlass platform recorded approximately $10.74 million in short liquidations during the latest session, compared with roughly $585,900 in long liquidations.
Binance accounted for the largest share of short liquidations at about $5.29 million. Hyperliquid followed with roughly $2.91 million, while Bybit and OKX recorded approximately $99,790 and $97,470, respectively. Additional short liquidations were spread across Gate, Bitget, HTX, CoinEx, Aster, and Lighter.
Long liquidations were considerably smaller. Binance led with approximately $352,830, while Gate and Bitget contributed around $117,350 and $15,850, respectively.
The imbalance between short and long liquidations suggests bearish traders were forced to close positions as the Zcash price moved above key resistance levels. That buying activity likely contributed to the strength of the latest advance.
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