The market suddenly skyrocketed. ZEC surged over 23% in two days, reaching $544, breaking through levels along the way, with trading volume piling up and everywhere echoing "冲600" (aiming for 600).

But look at the warning signals on the technical side: RSI soared to 84, already textbook overbought. The price has completely jumped out of the upper Bollinger Band. This isn't a gradual rise; it looks more like a carefully orchestrated "emotional explosion."

**Multiple Underlying Currents Beneath the Surface Celebration**

Whales are playing a double game. While retail investors push prices higher, on-chain data shows that large holders' short positions have not diminished. The bulls and bears are fighting fiercely here, and consensus has yet to form. More strikingly, over $16 million worth of ZEC has recently flowed out of exchanges into cold wallets. This signals bullish sentiment but also indicates that circulating supply is gradually being locked up.

Privacy coins like SCRT and DASH are retreating, only ZEC is rising against the trend. It relies on the story of being the "first tier of privacy coins" to support itself, but the problem is that regulatory threats are always looming—U.S. legislation and new EU regulations are approaching. The entire rebound in the sector is destined to be bumpy.

The following data is quite interesting: ZEC’s privacy usage rate has increased from 8% at the beginning of the year to around 23%. This indicates that core demand is not dead, just "living in the shadows." This keeps the fire of long-term narratives alive.

Raoul Pal bluntly said: this surge is more likely a capital rotation hype, not a structural bull market. ZEC still needs to stabilize its "base" price first. One whale account has an unrealized profit of $5 million, but its overall holdings are actually at a loss. The game between short-term speculation and long-term positioning is now on display.

**Some Practical Reminders**

If you hold ZEC, especially if you already have unrealized gains:

Don’t be greedy. Set stop-loss and take-profit orders immediately, and avoid becoming the last leek during the carnival’s end.

Consider taking profits in stages, turning paper gains into real cash.

Remember one thing: Pumping the market is never to make you rich. When volatility hits, your paper wealth can vanish in an instant.