According to Artemis data, this category has produced the highest returns of any sector, with weighted average gains of 22.7% over the past month and 7.5% over the last week.
Zcash [ZEC] stands out among these assets. Over the last ten days, ZEC has gained 52.9%, with current positioning suggesting that further upside remains on the table.
ZEC enters a speculative premium phase
ZEC’s recent expansion appears tied to its transition into a speculative phase, following a prolonged period of muted activity. A key on-chain signal supporting this shift is the Delta Growth Rate, which tracks the rate of change in market capitalization relative to realized cap, effectively reflecting the average acquisition cost of holders.
Over the past thirty days, this metric has climbed from 0.332 to 0.474, indicating a sharp rise in market capitalization. This suggests renewed capital inflows alongside increasing market interest.
Such divergence typically reflects growing speculative behavior, where market value begins to outpace underlying on-chain fundamentals. In the near term, this dynamic remains supportive of price expansion.
Momentum also remains strong across timeframes. The Multi-Timeframe Momentum indicator, which measures the speed and strength of price movement across different periods, has risen steadily.
Within the same 30-day window, momentum increased from 0.438 to 1.377, confirming that ZEC has entered an expansion phase, historically aligned with continued price appreciation.
That said, speculative phases often introduce volatility, including the risk of short-term pullbacks.
Accumulation remains firm
Despite the speculative backdrop, underlying demand continues to build, suggesting that investors are still positioning for longer-term exposure.
The Accumulation/Distribution indicator shows that buying pressure began strengthening around the 26th of March and has persisted since. During this period, total traded volume increased from 33.87 million to 34.81 million.
The Chaikin Money Flow (CMF), which identifies whether volume is driven by buyers or sellers, confirmed that bulls remained in control.
At press time, the CMF has exceeded its previous yearly peak of 0.13, a level last seen when ZEC traded near $520.40. A sustained rise in CMF indicates continued capital inflow, which could support a move toward, and potentially beyond, prior highs.
Key levels to watch
ZEC’s recent slowdown follows its move into a key supply wall, marked as Supply Zone 1 on the chart. This zone typically introduces selling pressure, which can cap price action or trigger short-term retracements.
However, given the broader context of rising accumulation, increasing buy-side volume, and supportive on-chain signals, this resistance is more likely to act as a temporary pause rather than a structural reversal.
Ahead, ZEC faces another resistance band at Supply Zone 2. If current momentum is strong enough to absorb sell-side pressure at these levels, the probability of a move toward a new high near $560 increases significantly.
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