A whale accumulated $13.65 million worth of ZEC across four major exchanges. Strong spot buying and improved mining economics support Zcash's bullish outlook. A breakout above $1,298 could co
Zcash has attracted fresh attention after a major whale accumulated $13.65 million in ZEC. The purchase arrived during a broader recovery attempt for the privacy-focused cryptocurrency. Spot buyers also showed stronger demand across the wider market. Meanwhile, improving mining economics added another supportive factor for Zcash. Technical indicators now suggest a possible fifth impulse wave. A breakout above $1,298 could strengthen the bullish setup and expose $1,500.
https://twitter.com/CryptoAmb/status/2099590268357890135According to Onchain Lens, one whale bought about 12.87K ZEC. The purchase carried an estimated value of $13.65 million. The whale sourced tokens from four major exchanges during the past week. Those exchanges included Binance, OKX, Kraken, and Gate. After completing the purchases, the whale moved nearly 12.86K ZEC. The tokens went into a newly created wallet after the accumulation phase.
Such transfers reduce the available exchange supply for that large position. The move also came while ZEC worked to recover from a recent pullback. Whale activity alone does not guarantee another major price rally. However, broader spot demand adds more weight to the bullish argument. Spot Taker CVD remained tilted toward aggressive buying during the recovery.
The metric tracks whether buyers or sellers dominate executed spot volume.The latest reading suggests buyers actively crossed spreads to acquire ZEC. Such behavior shows high demand beyond a single large market participant. Combined with whale accumulation, the data points toward stronger buying conviction.
ZEC's daily structure also presents a potentially bullish technical setup. The price appeared to complete four stages of an Elliott impulse sequence. Wave one pushed ZEC toward the $850 region after a consolidation breakout. Wave two then pulled price toward the $813.95 support area. Buyers later launched a powerful third wave toward $1,295. ZEC reached the $1,295 to $1,298 resistance zone during that move.
Wave four later dragged the price toward $1,054.72. The decline preserved the bullish structure because Wave four avoided Wave one's peak. ZEC then recovered toward $1,138.89, while RSI cooled to 62.37. The next major test remains the $1,295 to $1,298 resistance zone. A sustained breakout could confirm Wave five and strengthen the bullish outlook. Such a move could open a potential path toward the $1,500 target.
However, traders should watch $1,054.72 as a critical support level. A decisive break below that area would weaken the current wave structure. Such weakness could also raise the risk of a truncated impulse pattern. For now, whale accumulation and aggressive spot buying favor the bulls. Strong mining economics provide another supportive backdrop for Zcash.
