ZEC surges past $1,650, up 10% in 24 hours—is this an upgrade-driven rally or a short squeeze?

ZEC briefly broke above 1,650 USDT, pushing the recent high up another notch!

Shorts were squeezed hard. Some have linked the move to expectations for the NU7 upgrade in November, but so far there is no independent evidence proving that upgrade expectations are the main driver of this rally.

Many people actually feel that ZEC's recent strength is unusual.
Some also say they lost nearly $80,000 going long on ZEC. The details have not been disclosed, so just take it as information and don't treat it as a directional signal.

ZEC liquidations exceeded $13.4 million over the past 4 hours, at one point ranking first across the market; related ETF inflows from September 21 to 22 were approximately $2.36 million.

With leverage being liquidated on one side and capital flowing into the spot market on the other, short-term volatility is being amplified by both forces.

The higher the liquidation buildup, the stronger both pullbacks and second upward surges could be. If the November upgrade proceeds as expected, attention will likely remain supported; if something goes wrong with the nodes or testnet, the narrative will cool as well. It is still too early to call this a one-sided confirmation.

Some are also comparing ZEC with HYPE, believing ZEC has greater upside potential, along with higher volatility and pullback risks. The two can be viewed together rather than making an all-or-nothing choice. No specific buy or sell levels have been given. It is suitable for swing trading based on market structure—don't go all-in chasing minute-by-minute candles.

First came the short liquidations, then upgrade expectations piled on top; the price was driven by multiple factors stacking together.

Those following the move should not treat the breakout as the finish line. Leave some room in your position, don't max out leverage during the rise, and reassess the overall picture after a pullback!

#ZEC突破1650美元续创新高