ZEC Crosses $500, Hitting Multi-Year Highs, Trader Earns Millions

Core Insights - Zcash (ZEC) has recently crossed the significant psychological threshold of $500, currently trading around $514, marking a 20% increase in the last 24 hours, the highest level since January 2018 [1] - Over the past 30 days, ZEC has surged over 250%, adding approximately $5.7 billion to its market capitalization, now totaling $8.46 billion, placing it among the top 20 cryptocurrencies globally [2] - The price surge is accompanied by a historical peak in Zcash's PoW system hashrate, reaching 12.53 GS/s, indicating increased network adoption which could further elevate ZEC prices [3] Price Outlook - ZEC is currently near the upper Bollinger Band, suggesting strong bullish momentum but also potential short-term overheating; immediate support is identified at $450, with stronger support around $390–$400 [4] - The Relative Strength Index (RSI) has surpassed 70, indicating overbought conditions, yet if bullish demand persists, the next resistance zone is anticipated between $550–$580, with a potential breakout leading to $620 or higher [4] - Market analytics firm CoinCodex has raised ZEC's year-end price projection to $800 following its recent performance, although profit-taking is expected before further upward movement [5]