Zcash (ZEC) has once again emerged as a top performer in the cryptocurrency market, with its price spiking by double digits in the past 24 hours and exceeding $1,300. The privacy-focused token's daily gain of 14% has reignited bullish sentiment among analysts, many of whom expect further upside and potentially a new all-time high.
NU7 Upgrade Drives Rally
The main catalyst behind ZEC's recent surge appears to be the upcoming NU7 upgrade, scheduled to go live at block 3,543,405 on November 5. According to the source, the update will cut the target block time from 75 seconds to 25 seconds without affecting the token's daily issuance rate.
Analysts Set Ambitious Targets
Several market observers believe ZEC has more room to grow. X user Alaoui Capital noted that the asset has consolidated similarly to its behavior before a massive pump earlier this year.
"Last time, Zcash consolidated at $450 before breaking out and pumping all the way to $1,600. Now it's forming a similar structure at $1,200. Are we about to see another massive leg up," they wondered.
Sweep and WIZZ also shared their views. Sweep claimed that once ZEC breaks above $1,350, it will then "very quickly" jump to $2,000. At the time of the source, the asset's price stood less than $25 from that target. WIZZ expects ZEC to explode to a new all-time high of $3,500.
Crypto with Harris ₿ also joined the discussion, revealing that he has made over $17,000 from long trades:
"Caught the perfect bottom at $1150 and ZEC pumped straight to $1280. I believe this ZEC pump will continue till $1300-$1320 and then it will dump back again to $1100. For now I am happy with my profit."
Meanwhile, Lookonchain disclosed that another trader known as 0xf081 closed their BTC, HYPE, and ZEC long positions, taking a loss of almost $6 million. The market participant later opened new longs but excluded Zcash from their exposure.
Pullback Risks Emerge
While the upcoming NU7 upgrade has helped fuel ZEC's recent gains, the rally may weaken after launch, opening the door to a correction. The asset's exchange netflow supports the bearish scenario. Over the past several weeks, inflows have dominated outflows, suggesting investors have shifted from self-custody to centralized platforms, effectively increasing selling pressure.
