The top 100 Zcash holders add nearly 1,000 tokens as the price rises 10% in 24 hours

Source: Yellow Original Title: The Top 100 Zcash Holders Add Nearly 1,000 Tokens as Price Rises 10% in 24 Hours

Original Link: Zcash traded near $446 on December 25, up nearly 10% in 24 hours, while mega whales increased their spot holdings and derivatives traders maintained net short positions. The bullish flag breakout since December 15 projects a target close to $655, although the timing remains uncertain amid divergent market signals.

What happened: whale accumulation

The top 100 Zcash addresses increased their spot holdings by 2.86% in 24 hours, from 34,542 to 35,532 ZEC, approximately $441,480 in new positions at current prices, according to on-chain analysis data.

The accumulation follows a bullish flag breakout on December 15 that has not yet been invalidated.

The projected target of the pattern is around $655, where the flag projection aligns with the 1.618 Fibonacci extension level.

Between December 17 and 23, Zcash’s price trended upward while the Money Flow Index marked lower lows. The divergence indicates weak buying on dips and decreasing confidence among smaller market participants, though it does not constitute a breakout signal.

Derivatives data for the 24-hour period show that whales, consistent winners, and smart money maintain net short positions in perpetual futures. The top 100 perpetual addresses reduced their long exposure rather than adding to their positions.

Why it matters: structural conflict

The disconnect between spot accumulation and derivatives positioning reveals institutional uncertainty about short-term price action despite a bullish structure.

Mega whales demonstrate conviction in the breakout thesis through spot purchases, while derivatives traders hedge against downside risk.

The first resistance level is at $458, the 0.5 Fibonacci level. A daily close above that level opens space toward $479 and $508, with $546 representing alignment with the original bullish flag projection before the $655 target becomes accessible.

Support remains at $411, with $370 marking a possible complete invalidation of the pattern. The flag structure remains intact as whales position for an upward move and other market participants remain cautious.