ZEC has surged by 936.31% since the start of the year, fueled by large-scale investor accumulation and growing market confidence, which are propelling its upward trend.

As of November 10, 2025,

saw a 5.32% decline over the past day, settling at $580.36. Over the previous week, ZEC climbed 21.94%, gained 44.11% in the last month, and surged 936.31% in the past year.

A prominent whale on Hyperliquid has been aggressively accumulating ZEC, fueling its recent robust performance. This whale, known for holding the largest long position in ZEC, started building its stake on November 3 with an initial investment of $2.21 million, placing major long orders in the $497–$499 and $597–$595 price zones. Within a week, the account’s value soared to over $10.5 million, making it the platform’s top ZEC long holder.

After this accumulation, ZEC experienced notable price jumps within a day of each large position being established. Despite a recent pullback in the market, the whale partially exited its position on November 9 and 10, selling between 5,000 and 15,000 ZEC to secure profits. Currently, the whale retains 55,000 ZEC at an average entry of $555.4 with 5x leverage. Additionally, $500,000 has been transferred to its on-chain wallet as backup funds, suggesting further strategic moves may be planned.

ZEC’s recent price action has also attracted new participants. On November 10, a new wallet deposited 3.62 million

into Hyperliquid and opened a 10x leveraged long position on ZEC. This action underscores increasing optimism about ZEC’s upward momentum, especially after its recent consolidation following an early-month surge.

Technical signals are mixed. ZEC’s open interest has exceeded $1 billion, pointing to heightened speculative trading. The long-to-short ratio stands nearly even at 1.006, showing both bulls and bears are active. ZEC’s price is currently trading near the upper Bollinger Band around $610, with resistance at $667. The MACD remains positive, but its histogram is flattening, indicating that buying momentum may be fading. The MFI is at 71.17, just above the overbought mark, hinting at possible short-term sideways movement.

Arthur Hayes, BitMEX’s co-founder, has also expressed a bullish outlook, pointing to the likely resolution of the U.S. government shutdown as a positive driver for both ZEC and BTC. Hayes believes that ending the shutdown signals improving macroeconomic stability, which could encourage more investment in riskier assets like ZEC.

Furthermore, Zenrock’s wrapped ZEC (zenZEC) has reached $15 million in trading volume since its

debut on October 31. This achievement is a key step in broadening ZEC’s role in DeFi, combining privacy with Solana’s fast transaction capabilities.

Backtest Hypothesis

The strong

and whale-driven accumulation make ZEC a compelling option for breakout trading strategies. A backtest could use daily ZEC-USD closing prices and benchmark against HOLD.P (Harbor Alpha Layering ETF). The entry signal might be triggered when the daily close surpasses the highest close of the previous 50 sessions, initiating a long position at the next open.

The exit strategy would be to close the trade at the first daily close at or above $667, matching the resistance identified in technical analysis. If this price isn’t reached by the end of the test period (2025-11-10), any open trades would be closed on the last day. Additional risk management, such as a maximum holding period or stop-loss, could be incorporated to further refine the approach.