Quick Read
- Zcash exploded over 200% in 30 days, smashing through $500 and hitting a $10 billion market cap. The privacy coin climbed from the low double digits in August to $622 by early November, flipping Monero and cracking the Top 20 rankings.
- Three catalysts drove the surge: Renewed demand for privacy coins amid surveillance concerns, the Zashi cross-chain upgrade (which locked 30% of ZEC supply into shielded addresses), and Grayscale’s Zcash Trust growing 228% to $137 million in assets under management.
- Technical warning signs flash red: RSI sits at 84 (deep overbought territory), and Elliott Wave analysts warn a weekly close below $300 could signal reversal. Regulatory crackdowns on privacy coins pose the biggest threat to continued gains.
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In late October and early November 2025, Zcash (CRYPTO:ZEC) stunned crypto markets by soaring 200% to 300% in a single month. The privacy-focused altcoin breached $500, levels not seen since 2018. Its market cap skyrocketed from $800 million in August to over $10 billion by early November as ZEC briefly cracked the Top 20 rankings.
What’s driving this rally and can it last? We break down the market forces, technical signals, and catalysts behind Zcash’s surge, then assess whether the gains can continue.
Zcash Price Explosion: From Double Digits to $622
Zcash’s latest rally is unprecedented in the coin’s history. After trading in the low double digits just months ago, ZEC surged to $550 in October 2025. Crypto.news reported ZEC jumping 255% in 30 days, blowing past the $500 mark. Coinspeaker noted an even larger 360% climb, with ZEC trading around $622 as of November 7.
ZEC’s market cap shot from roughly $800 million in August to nearly $10 billion by early November. The coin flipped privacy competitors like Monero and even meme coins like Shiba Inu along the way. Over the past week, Zcash posted double-digit gains even as major cryptocurrencies fell, showing clear divergence from the broader market.
What’s Driving the Zcash Rally?
Here are the three key drivers of Zcash’s recent surge:
1. Privacy Narrative Sparks Massive Rotation
A resurgence of the “privacy coin” narrative is fueling ZEC’s run. With rising global concerns about digital surveillance and financial censorship, traders are rotating into assets that prioritize on-chain anonymity. Zcash, which offers opt-in shielded transactions via zk-SNARKs, stands out among privacy coins.
High-profile supporters amplified this narrative. Galaxy Digital’s Will Reeves and others view ZEC as a potential “alternative to Bitcoin,” a hedge when on-chain transparency comes under threat. Ran Neuner at Crypto Banter calls Zcash “the most exciting thing happening in crypto right now.” BitMEX co-founder Arthur Hayes publicly predicted on X that ZEC would hit $10,000.
Google Trends and research reports (including a16z’s 2025 State of Crypto) show a spike in searches for “privacy” and related terms. A self-reinforcing cycle of headlines and technical breakouts has drawn fresh capital into Zcash.
2. Zashi Upgrade Locks 30% of Supply in Privacy Pools
Technical upgrades and on-chain metrics supported the rally beyond just sentiment. In October 2025, Zcash completed the “Zashi” cross-chain upgrade, linking ZEC’s shielded pool to other networks like Solana and Ethereum. This interoperability spike triggered a sevenfold surge in shielded transactions and locked about 30% of ZEC’s supply into privacy pools.
Roughly 4.9 million ZEC, about 30% of circulating coins, now sit in shielded addresses. Larger shielded pools mean stronger anonymity sets and fewer coins available for sale, which amplified price pressure.
Institutional interest emerged too. Grayscale’s Zcash Trust, an OTC investment vehicle, saw its assets under management jump dramatically. It reached about $137 million by late October, a 228% increase in one month. This shows accredited U.S. investors are buying ZEC exposure despite regulatory uncertainty around privacy coins.
3. Zcash Technical Analysis: Overbought but Still Bullish
Zcash’s daily chart shows a clear parabolic uptrend. Since early October, the price climbed along a steep ascending trendline and in early November broke above multi-year horizontal resistance around $300. Momentum indicators align with this bullish run. The MACD is sharply positive and growing, and the relative strength index (RSI) sits near 84, deep into overbought territory.
According to crypto.news analysts, as long as ZEC stays above the trendline (roughly in the $450 to $500 area), the bull structure stays intact and upside targets near $600 and beyond look reasonable. FX Leaders notes strong support around $500 to $520 and $469, with next resistance near $560 to $580.
But the extreme RSI suggests caution. Sustained readings above 80 often precede consolidations or pullbacks. DailyForex’s analysis projects Fibonacci extensions toward $940 as a long-term target if $415 holds, but also notes a bearish RSI divergence that hints at waning momentum ahead.
Another technician, Valdrin Tahiri at CCN, uses Elliott Wave counts and finds that ZEC may be completing an A-B-C bull phase. He warns that a weekly close below $300 could signal a reversal. Any failed rally or strong profit-taking might test the $450 to $500 range again.
Zcash Price Prediction 2026: Can the Rally Continue?
Zcash’s 30-day surge has raised investors’ optimism, but whether the rally can continue is hotly debated. Here are our bull, base, and bear predictions for Zcash in 2026
Bullish Case
If privacy-based tokens demand accelerates, Zcash could hit $750 to $1,000 by mid-2026.
This requires governments to ramp up financial surveillance, pushing more users toward privacy coins. Institutional adoption through Grayscale’s Zcash Trust needs to grow well beyond its current $137 million. The Zashi upgrade has to keep locking supply in shielded addresses, which already holds 30% of circulating coins.
Some analysts back this view. Coinspeaker reports one analyst targeting $750, while DailyForex sees Fibonacci extensions pushing toward $940 if ZEC stays above $415. Arthur Hayes threw out a $10,000 prediction, though that seems wildly optimistic given current market conditions.
For bulls to win, ZEC needs to hold the $500 to $520 support and punch through resistance at $560 to $580, then $600.
Base Case
Zcash might consolidate between $400 and $550 through 2026 as the market digests recent gains. The 200% to 300% surge in 30 days was parabolic. RSI hit 84, deep into overbought territory. These extreme readings usually trigger consolidations lasting weeks or months, even in strong bull markets.
ZEC may pull back to test the $450 to $500 trendline that held during the rally. If buyers step in at that zone, the coin could range between $400 and $550 while institutions slowly accumulate and retail traders cycle in and out.
Bearish Case
If technical support cracks or regulators crack down hard, Zcash could fall back to $200 to $300.
Regulation poses the biggest threat. If the U.S. or EU bans privacy coins on major exchanges, ZEC loses liquidity overnight. Kraken already delisted Monero in 2024. Binance signaled it might remove privacy coins to comply with EU law. A similar move against Zcash would crush the price.
Technical warnings back the bear case. Elliott Wave analyst Valdrin Tahiri says a weekly close below $300 would signal the rally’s over. If that happens, ZEC likely retests the $200 to $300 range where it traded before the surge began.
Profit-taking adds fuel to potential selling. Traders sitting on 200% to 300% gains in 30 days will rush for exits if momentum stalls. The extreme RSI and bearish divergences on some indicators show upside momentum is already fading.
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