Zcash has struggled to show recovery signals over recent sessions, with price action remaining under pressure below key resistance levels. 

Despite this softness, large holders appear unfazed, treating the pullback as a strategic accumulation opportunity rather than a warning sign.

Zcash Whales Are Accumulating

On-chain data indicates growing confidence among Zcash whales. Wallets holding more than $1 million in assets increased their ZEC ($400.74) balances by 21% over the past week. This cohort added 3,207 ZEC, lifting total holdings to 6,681 ZEC and signaling sustained accumulation during the price dip.

The increase represents roughly $1.27 million in added exposure, highlighting conviction among large investors. Whale accumulation often provides downside support by absorbing sell pressure. This behavior suggests expectations of a rebound, as larger players position ahead of potential volatility and price recovery.

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ZEC Whale Holding. Source: Nansen

Macro indicators are beginning to align with the bullish on-chain trend. The Squeeze Momentum Indicator is forming a squeeze, pointing to a period of reduced volatility. Such phases often precede sharp price movements once the squeeze is released.

Notably, the histogram shows bullish momentum strengthening for the first time in more than three weeks. If volatility expands while momentum remains positive, Zcash could experience a rapid price surge.

ZEC Squeeze Momentum Indicator. Source: TradingView

ZEC Price May See Some Recovery

Zcash trades near $396 at the time of writing, sitting below the $403 resistance. The Parabolic SAR remains above the candlesticks, indicating the downtrend is still active. This signal reflects lingering bearish pressure despite improving on-chain and momentum indicators.

Whale accumulation and strengthening momentum could counter the technical weakness. These factors may push ZEC toward the $442 resistance. Converting this level into support would be critical. A sustained breakout could open the path toward $500, restoring broader bullish confidence.

ZEC Price Analysis. Source: TradingView

Risks remain if momentum fails to materialize or whale behavior shifts. Continued weakness could drag ZEC toward the $340 support. A deeper sell-off may extend losses to $300 or even $260. Such a move would invalidate the bullish thesis and confirm extended downside pressure.

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