ZEC has skyrocketed in the past two days, with a short-term increase of up to 22%, and the futures market has also exploded. The short side is in a bad situation—already floating at a loss of 113% and refusing to admit defeat, instead increasing leverage positions to $19.84 million. This stance clearly indicates a willingness to go all out. In contrast, a certain whale has long seen the opportunity and used 3x leverage to build a long position, now with a floating profit of $6.53 million, firmly holding the position as the largest long in ZEC.

The market is highly polarized, and the short sellers’ increased positions suggest that if the price continues to surge, it may trigger a chain of liquidations, further pushing up ZEC’s price. The bullish sentiment is clearly dominant.

From a technical perspective, ZEC is currently in an upward channel. The $300 level is a solid floor; as long as it doesn’t break below, the previous upward trend remains intact. The $450 level is the first critical defense; whether it can hold determines if the bullish pattern can continue. On the resistance side, $550 is a recent key battleground. If broken, the next targets could be $640 or even $750.

The overbought signals are quite obvious now, but in a bull market, overbought conditions often get digested through sideways consolidation, which doesn’t necessarily mean an immediate decline. Therefore, as long as the $450 level isn’t broken, even a pullback shouldn’t cause excessive panic. The next performance of ZEC depends on whether it can truly stabilize above $550, which is crucial for determining the future trend.