Zcash (ZEC) just staged one of the wildest October breakouts in large-cap crypto, ripping more than 520% month-over-month and challenging the $300 area—a price zone not seen since 2021. The move came even as broader crypto wobbled on leveraged washouts, putting ZEC at the center of a market narrative shift back toward privacy tokens. Cointelegraph’s technical write-up framed the rally as “parabolic,” with a near-term bull flag setup and a crucial $245 support to watch for any continuation toward $336.
What lit the fuse?
First, the sector rotation. Coverage from CoinDesk notes that privacy names—Zcash, Dash, Railgun—spiked together as markets briefly rewound to “2018-style” narratives where fungibility and transaction privacy matter. ZEC outpaced the group, logging back-to-back double-digit days and becoming one of the best performers across large caps.
Second, utility headlines returned. Zcash’s mobile wallet Zashi (by Electric Coin Company) added private cross-chain swaps via NEAR Intents, effectively creating a decentralized off-ramp for shielded ZEC. For traders, that’s a practical bridge: move in and out of ZEC privately without juggling bridges and multiple wallets. CoinDesk highlighted that two live Zashi features were already running on NEAR by early October, following ECC’s late-August release of shielded-to-NEAR swaps. Those product updates gave fundamental cover to a chart that was already heating up.
Third, there’s the supply backdrop. Zcash underwent its second block-reward halving in November 2024, reducing new issuance from 3.125 ZEC to 1.5625 ZEC per block. Halvings don’t guarantee price gains, but they tighten the faucet over time—something traders tend to notice once momentum kicks in.
The technical picture
Cointelegraph’s analysis (mirrored on TradingView) says ZEC is “record overbought” on the weekly chart, with RSI above 90—historically a zone that invites cool-downs. Their near-term map: hold above $245 (a Fibonacci level cited in the article) and the bull flag can resolve toward $336. Lose that area and a deeper pullback into the $210–$211 zone (around the 50-period EMA on lower timeframes) becomes plausible, especially with liquidation clusters stacked near $244. In short: it’s a momentum tape with a very clear tripwire.
Independent price dashboards corroborate the scale of the move. CoinDesk’s live tracker showed ZEC near the mid-$270s heading into the weekend, with liquidity deepening as volumes ballooned. That’s a different tenor than thin, one-way pumps; two-sided markets are forming, even if the trend remains stretched.
Why the “privacy coin” is back
The rotation isn’t happening in a vacuum. A mix of macro jitters and on-chain crowding often sends capital hunting for uncorrelated narratives. Privacy coins offer one: they’re typically proof-of-work, have mature codebases, and play to a durable thesis—users want optional privacy for certain transactions. CoinDesk’s market desk captured that tone: funds “taking notice” of the privacy corner after months focused elsewhere. Add the very tangible product improvements around Zashi/NEAR, and the story becomes more than nostalgia.
What could keep the rally alive
- Follow-through on utility. If Zashi’s private swap flow scales—more assets, smoother UX, fewer fail states—that’s sticky demand, not just speculative churn. ECC’s public roadmap cadence (quarterly) signals more wallet iterations to come.
- Post-halving narrative. A year after an issuance cut is when “tight supply” memes often gain traction, particularly if price is already in motion and miners aren’t forced sellers.
- Sector beta. A broader privacy-coin bid—whether driven by policy debates, data-privacy scares, or simple rotation—keeps ZEC in the basket most desks reach for first.
Key levels and signals to watch
- $245 support: Holding above keeps the flag idea alive; lose it and eyes shift to the $210–$211 EMA pocket cited in the Cointelegraph/TradingView analysis.
- $300–$307 zone: Round-number psychology plus prior congestion; a clean reclaim with volume sets up the $336 measured move.
- Derivatives posture: Spiking open interest without matching spot volume often telegraphs squeezes—up or down.
- Wallet/flows data: If Zashi usage climbs alongside price (more intents, more successful fills), that’s a green flag for utility-led demand.
The Conclusion
Zcash’s 520% monthly gain is real, and it’s not happening in a vacuum. A privacy-sector rotation, a post-halving supply profile, and live utility upgrades (Zashi’s private swaps via NEAR) have all stacked on top of a classic momentum breakout. The chart, however, is stretched—even bulls admit it. For the rally to extend, ZEC likely needs to defend $245, avoid a wipeout through liquidation pockets, and convert buzz about private, cross-chain usability into ongoing flows. If those pieces hold, a push toward $336 isn’t fantasy; if they don’t, a healthy reset into the low-$200s would match past playbooks for overbought, high-beta leaders.