Zcash (ZEC) has surged to a 7-year high amid growing network activity and renewed investor interest in privacy coins. The price of Zcash soared over 60%, rising from $230 on October 23 to a peak of $370.11 on Monday, October 30, before settling at $358.36 at the time of writing. The last time ZEC reached such levels was in May 2018.
Over the past week, Zcash’s trading volume jumped significantly—from $690 million to nearly $1.65 billion as it hit its Monday high—indicating robust demand from traders. The token’s market capitalization stood at over $5.85 billion at press time.
Looking at data from CoinGlass, open interest (OI) in the Zcash futures market has surged to a record high of $515.4 million, marking an explosive increase of 1,300% compared to the $36 million recorded just a month ago. This spike in OI is a clear sign of growing speculative activity and heightened trader engagement around ZEC.
Interestingly, despite the surge in price and open interest, the weighted funding rate remains in negative territory. This suggests that short sellers continue to dominate the market, as they pay fees to longs to hold onto their bearish positions. At the same time, the long/short ratio has flipped above 1, signaling a shift in sentiment as more traders begin to lean long. This combination sets the stage for a potential short squeeze, especially if upward price pressure continues in the coming sessions.
### Why Is Zcash Price Soaring?
The recent rally in Zcash’s price can largely be attributed to strengthening fundamentals within the Zcash network. According to the Zcash Dashboard, the total value of shielded ZEC has climbed to a record 4.94 million coins, worth over $1.76 billion. Shielded coins now make up more than 30% of the total circulating supply. This increase indicates that more people are actively using Zcash’s privacy tools, pointing to broader network adoption.
Another key catalyst behind Zcash’s breakout is its integration into MoonPay, a major fiat-to-crypto on-ramp. MoonPay is integrated with Jupiter, one of the largest decentralized liquidity aggregators in the Solana ecosystem. This launch significantly increases Zcash’s visibility across emerging markets and DeFi-native communities, where permissionless, on-chain trading is often preferred over centralized exchanges.
Part of ZEC’s gains also stem from a broader resurgence of investor interest in privacy coins. Discussions around on-chain anonymity, censorship resistance, and financial sovereignty have been gaining traction recently. Peer privacy coins like Railgun (RAIL), Dash (DASH), and Monero (XMR) have also posted impressive gains over the past month, rising approximately 203%, 106%, and 13%, respectively.
### Zcash Price Analysis
On the technical front, Zcash has bounced back and remains above a key ascending trendline on the 4-hour chart, a level that has served as strong support since late September. Historically, each time ZEC has retested this trendline, it was followed by a sharp rally over the next several days before profit-taking temporarily paused the momentum.
Momentum indicators are also flashing bullish signals. The MACD line has crossed above the signal line, and the RSI remains elevated above 70, both suggesting that buying pressure continues to outweigh selling and that bulls are gradually regaining control.
For now, ZEC could be gearing up for another leg higher if momentum remains intact. The next key level to watch is $375, a psychological resistance zone that traders will be monitoring closely. A decisive breakout above this level could pave the way for a potential move toward $400 in the weeks ahead—up nearly 50% from the current price.
https://crypto.news/zcash-price-soars-to-7-year-high-at-370-will-the-rally-continue/
