Whales Try Playing Zcash Price Santa — But Can The Rally To $655 Arrive In Time?

Core Insights - Zcash has experienced a nearly 10% increase in the past 24 hours, currently trading around $446, with a projected target of $655 based on a bull flag pattern breakout from December 15 [1][3] - The top 100 Zcash addresses on Solana have increased their holdings by 2.86%, indicating long-term conviction despite the overall market hesitance [2][8] - The current market sentiment shows a divergence between spot buying by mega whales and a bearish bias in derivatives, suggesting a lack of confidence in the timing of the rally [6][8] Market Activity - The top 100 Zcash addresses increased their holdings from 34,542 to 35,532 ZEC, amounting to approximately $441,480 in new investments [2] - Despite the price increase from December 17 to December 23, the Money Flow Index (MFI) showed lower lows, indicating weak dip buying and a lack of confidence among retail investors [5] - Derivatives data reveals that whales are net short in perpetual contracts, indicating a bearish sentiment despite spot accumulation [6][8] Price Levels and Projections - The first key resistance level for Zcash is at $458, which is the 0.5 Fibonacci level; a daily close above this level could lead to further upward movement towards $479 and $508 [9] - If Zcash reaches $546, it would align with the original bull flag projection, making the $655 target more attainable [9]