Price Action & Momentum
$ZEC has seen a dramatic rebound in 2025: after trading under ~$100 earlier in the year, it surged to highs above $700 for a ~400% rally.
That said, the coin has recently pulled back ~35% from its peak.
Some technical analysts point to a possible continuation if price breaks above key resistance, while a drop below ~$400 could open the door for further consolidation.
Fundamental Drivers
Privacy demand is surging: A growing portion of ZEC supply is now “shielded” using Zcash’s zero-knowledge proof tech (zk-SNARKs), suggesting strong real use-case traction.
Institutional interest: Big investors are showing up, attracted by Zcash’s optional privacy model — unlike Monero, ZEC lets users choose transparency vs anonymity.
Protocol upgrades: Zcash’s roadmap includes improvements to its privacy protocol (Orchard), as well as wallet enhancements (Zashi) for more usability in shielded mode.
Supply dynamics: A halving event (in November 2025) reduces inflation, tightening new issuance and potentially amplifying upward pressure.
Risks & Concerns
High volatility — rapid rallies come with steep pullbacks.
Regulatory risk: Privacy coins are under more scrutiny; Zcash’s model is more flexible, but that doesn’t eliminate risk.
Liquidity risk: As more ZEC becomes shielded, the float available on exchanges could shrink, which makes price more sensitive to large orders. This is echoed in on-chain analysis.
Long-term questions about adoption: Future growth depends not just on speculation, but on real-world use, shielded transaction volume, and ecosystem integration.
Short- to Mid-Term Outlook
If momentum holds: ZEC could test $720–$750+, with some models even pushing for $800+.
If the recent drop deepens: Key support lies around $400–$350, according to chart-based analysis.
On-chain signals (increasing shielded supply) suggest a structural shift is underway — not just a speculative pump.
My Take
is making a very compelling comeback.