The year 2025 witnessed the flourishing of privacy coins, but entering 2026, the market has become much harsher. The major names that once led are now facing strong corrections, while new projects show unstable recoveries. As February approaches, the 'whales' have abandoned their habit of uncontrolled betting, shifting to a selective trading strategy.
Instead of random buying and selling, they are focusing on the three privacy coins below, based on momentum movement signals, early reversal signals, and chart structures that could shape the next trend – whether it be a strong increase or a deep decline.
Zcash (ZEC): Whales accumulating amid reversal signals
Zcash stands out as one of the strongest privacy coins of the past year, but entering 2026, the upward momentum has sharply decreased. Just last month, ZEC lost nearly 26% of its value, reflecting a widespread risk-averse sentiment in the market. However, as February approaches, positive signs are beginning to emerge.
In the past 24 hours, whales have significantly increased accumulation. The standard whale group increased their holdings by 45.19%, reaching approximately 14,500 ZEC. Notably, the 100 largest addresses have also raised their ownership to 14.6%, totaling 43,722 ZEC. In total, whales have bought an additional approximately 6,500 ZEC, worth about 2.5 million USD, while balances on exchanges have decreased, indicating that this move is accumulation rather than distribution.
ZEC Whales | Source: Nansen
The technical chart explains the involvement of whales: since the end of December, ZEC has been trading within a 'bear flag' pattern – a continuation structure of a downtrend with the risk of further declines of up to 42%. However, currently, Zcash has moved above the upper trendline, weakening the bearish structure.
Momentum indicators also reinforce the reversal. From 30/10 to 25/1, ZEC's price created higher lows, while the RSI created lower lows – indicating a hidden 'bullish divergence', suggesting that selling pressure is gradually weakening. Since this signal appeared, ZEC has recovered about 24%.
Zcash price analysis | Source: TradingView
The key resistance zone ahead is $449. If surpassed, the bear flag pattern will be invalidated, opening up the opportunity to rise to $561 – where the bearish structure completely collapses. Conversely, if it breaches the $325 mark, the risk of a breakdown will return, and the positive thesis of the whales will be negated.
Dusk (DUSK): Divergent movements between whale groups
Dusk Network is making a distinct mark in the privacy coin group due to the contrasting behavior of whales. DUSK has still increased nearly 200% in the last 30 days, possibly due to FOMO from investors after missing strong rallies of DASH and XMR. However, in the last 7 days, DUSK has corrected over 38%, creating a sharp divergence between holding groups.
On-chain data shows that smaller whales are reducing exposure, while the 'big players' are taking advantage of the dip to accumulate. Standard whale wallets have reduced their holdings by 7.22%, but the 100 largest addresses have increased by 13.88%, raising the total to 464.44 million DUSK – approximately 56.6 million DUSK has been added, worth about 8.2 million USD.
DUSK Whales | Source: Nansen
Technically, DUSK is forming a potential 'inverse head and shoulders' pattern, but the neckline is sloping down, making the breakout more challenging. The important resistance zone is between $0.176 and $0.190. If the price closes above $0.190, the pattern will be confirmed, opening up the possibility for a growth of up to 68%, targeting $0.321–$0.330.
Although the momentum signals are still early, they are improving. From 24/1 to 28/1, the price is attempting to create higher lows, while the RSI is creating lower lows – hinting at a hidden bullish divergence. However, this structure will only hold if the price remains above $0.140. If this mark is breached, the positive signal will be nullified, and the risk of a deeper decline to $0.098 will emerge.
DUSK price analysis | Source: TradingView
In summary, privacy coin whales have opposing views on DUSK. The smaller group is reducing risk after a correction, while the mega whales are buying in when prices are weak, anticipating a neckline breakout. Until $0.190 is regained, this remains a high-risk setup without a clear trend confirmation.
COTI: Whales cautious during the correction phase
COTI has quietly entered a strong correction phase. This token has dropped about 22% in the past month and 14% in the last 7 days, showing prolonged selling pressure within the bearish channel. However, whale behavior reveals that the selling phase is gradually slowing down.
From 13/1, COTI whales significantly reduced their holdings, from 733.46 million to 718.17 million – coinciding with the risk of a breakdown in the downward channel.
COTI whales are liquidating | Source: Santiment
However, starting from 22/1, whales began buying in, raising their holdings to 719.1 million COTI – an increase of about 930,000 COTI. Although this purchase is modest compared to the previous sell-off, it indicates an 'early positioning' move, not yet a complete confidence.
Source: Santiment
The COTI price chart explains the caution of whales. COTI remains in a downward channel, but momentum has started to shift. From 4/11 to 25/1, the price created lower lows, while the RSI created higher lows – this bullish divergence often signals that selling pressure is weakening, even though the price has not reversed. This is a signal that usually accompanies the potential for a trend reversal.
COTI price analysis | Source: TradingView
For this signal to be truly meaningful, it needs to surpass key levels. A close above $0.019 is the first challenge. If surpassed, the price could recover to $0.024 – an increase of about 40% that would erase the bearish structure. Conversely, if it loses the $0.015 mark, the risk of a deeper decline will continue.
In summary, the year 2026 is opening a challenging phase for privacy coins. The change in whale behavior, combined with key technical signals, will be the key to determining the next trend of this market. Investors need to pay special attention to key price zones and the movements of large capital to make appropriate decisions.
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