Zcash hits four-year highs as on-chain signals diverge

Zcash surged to four‑year highs this week after a volatile stretch that included a steep marketwide plunge, but traders and analysts say technical and on‑chain signals point to divergent near‑term outcomes. The privacy‑focused token rallied from low double digits to highs near 290–305 over the past two weeks, briefly reclaiming price levels not seen since late 2021, before pulling back to trade in the mid‑200s as of this week.

The move followed a sharp market shock on Friday that forced liquidations across crypto markets and sent many altcoins into freefall. Zcash fell sharply during that episode but recovered rapidly, rising about fourfold from earlier October lows. The rebound has been accompanied by heavy trading interest on both spot and derivatives markets, with large token flows and rising open interest as retail and institutional participants repositioned.

On‑chain and technical indicators, however, present a mixed picture. Money flow metrics show declining inflows into ZEC since early October, suggesting that large capital may be easing exposure even as prices rose, while CoinGlass liquidation heatmaps and exchange data point to concentrated zones of leveraged orders...