Zcash surged past the $500 barrier on Thursday, reaching a local peak of $545 before settling at $525, marking a 5.94% gain on the daily chart.
Price Momentum
Zcash’s price climb pushed the cryptocurrency above the critical $500 resistance, prompting short‑position holders to confront steep losses. The altcoin’s upward trajectory continued for three consecutive days, with each session closing at higher highs.
Short‑Position Liquidations
According to Onchain Lens, a wallet associated with karna0x liquidated a $9.8 million short stake, incurring a loss exceeding $3.8 million as the market rallied. CoinGlass reports that short positions across Zcash were liquidated by more than $11 million, while long positions faced only $2.2 million in liquidations.
Market Outlook
Investors anticipate that the current squeeze could ignite a sustained uptrend, as traders reinforce long positions to avoid further liquidation risk. The prevailing blockchain dynamics suggest that Zcash may continue to attract bullish sentiment, reinforcing its market momentum.