$600 ZEC, do you dare to chase?

Whale holdings concentration hits a new all-time high, RSI once soared to 83, 62 million USD in shorts liquidated in 24 hours—yet just now, the price retreated from 623 to 595, buying momentum begins to slow. Multicoin calls, SEC case closed, ETF application underway—this wave is either a new starting point for privacy bulls or a pump-and-dump by whales taking profits on good news?

First look at the surface: volume and price rise together, momentum like a rainbow.

In the past 7 days, up 57.7%; in 30 days, up 89%; market cap hit 9.93 billion USD, ranked 15th; 24-hour trading volume broke 1.08 billion—far surpassing most Layer 1s. The candlestick chart shows: double confirmation of head and shoulders bottom + cup and handle pattern, $540 has turned from ceiling into floor: privacy bull, back again.

First thing: Multicoin Capital’s heavy position disclosure directly triggers the rally.

On May 4, hedge fund giant Tushar Jain publicly admitted to疯狂囤积ZEC since February, treating it as a macro hedge against global surveillance and wealth confiscation. As soon as this statement came out, the market exploded—short positions from 46 million to 62 million USD were swept away in a wave.

Second thing: SEC case closed + ETF application, the “golden ticket” for privacy coins.

SEC investigated Zcash Foundation for nearly two years, officially closed the case on January 15, with no enforcement actions. Grayscale has already submitted a spot Zcash ETF application—this is the first in the history of privacy coins. If approved in Q2, institutional funds of 500 million to 2 billion USD are expected to flow in.

Third thing: Quantum resistance roadmap accelerated, wallet recovery within a month.

Zcash official announced: a quantum recovery wallet will be launched within a month, achieving full post-quantum security in 12-18 months. Other blockchains are still talking on paper, ZEC is already taking action.

But a technical signal that must be watched emerges.

In the past 6 hours, RSI dropped from 83.81 to around 69. 83 is overbought, 69 is cooling off—signaling buying exhaustion, a sign that bulls need a breather.

On one side: institutional accumulation, SEC approval, quantum resistance, ETF expectations.

On the other: RSI at high levels retreating, high holdings concentration, leveraged bulls crowded in, possibly a shakeout of 10-20% at any time.

Key zone: 580-590, the best area for accumulation in this round.

Resistance above: 650 → 745 (a major historical barrier) → 800-1000

Support below: 578-604 → 550-534 → 469 (breakdown level)

Short-term traders:

Wait for a dip back to 580-591 before entering, set stop-loss below 578, take half profit at 608 first, then target 650, then 700.

Swing traders:

Wait for the daily chart to stabilize above 600 or retest the 550-580 zone before entering, target 745, and add positions if it breaks 745 towards 1000+.

Long-term believers:

DCA below 580 in batches, with position size not exceeding 15% of total funds. ZEC total supply is 21 million, close to full circulation. The three catalysts—PoS transition, privacy DeFi, ETF—are not fully realized yet. End of 2026 target: 1000+, betting on privacy becoming the ultimate necessity in the digital age.

ZEC now is like SOL in 2020—

99% of people think “privacy coins will eventually be banned,” but institutions have quietly bought the price from 300 to 600.

On the day of breaking 745, you’ll realize: it’s not that privacy doesn’t work, it’s that you can’t hold it. #Gate广场五月交易分享 $BTC $ETH $ZEC