Zcash (ZEC) climbed over 40% in 24 hours on May 6, hitting nearly $600 and returning to the top 15 by market cap. On-chain data shows rising leveraged long positions, pointing to potential further gains. Multicoin Capital’s Tushar Jain also revealed a major bullish position. On-chain analysis highlights growing buying pressure, though RSI near overbought levels warns of a possible short-term pullback.

The cryptocurrency market continued its upward move, and Zcash (ZEC) is the best-performing top-100 digital asset today (May 6).

The massive resurgence has reignited bullish sentiment among analysts, with some eyeing an explosion to a potential all-time high in the short term.

The Start of a New Bull Run?

Earlier today, ZEC climbed to almost $600 after posting a 40% daily increase. This represents the token’s highest level since November last year, while its market capitalization exceeded the $10 billion milestone. In other words, ZEC has reclaimed a spot among the 15 biggest cryptocurrencies after flipping Cardano (ADA), Monero (XMR), Bitcoin Cash (BCH), and other popular altcoins.

The sudden move north was likely triggered by Tushar Jain’s (Co-founder and Managing Partner of Multicoin Capital) recent announcement. He revealed that his entity has built a significant position in ZEC since February and highlighted the project’s privacy focus.

“We believe that truly private, censorship and seizure-resistant assets have a clear product-market fit and demand is accelerating. We believe ZEC is the cleanest way to express this thesis in public markets,” his post reads.

Of course, another possible catalyst could be the green wave passing through the broader cryptocurrency market. Bitcoin (BTC) has surged past $82,500, while numerous altcoins such as Dash (DASH), Toncoin (TON), Filecoin (FIL), and Internet Computer (ICP) have jumped by double digits over the past 24 hours.

Many analysts expect ZEC’s rally to continue in the coming weeks and months. X user WIZZ, for instance, predicted that the asset’s price could reach a four-digit range later this year, marking a new all-time high.

For his part, Ardi paid attention to the $550 level, describing it as “the macro lower-high resistance area” that stopped the prior breakout attempt in December 2025. As mentioned above, the valuation climbed above that zone, and it will be interesting to see whether it now heads into uncharted territory.

Meanwhile, on-chain activity also points to growing confidence among traders. According to Lookonchain, a newly created wallet opened a 10x long position on 5,000 ZEC (worth $2.64 million). Such aggressive leveraged positions signal that some market participants expect further upside, adding another layer of bullish momentum to the breakout.

The Risks Remain

The crypto sector might have been on an evident uptrend lately, but that doesn’t guarantee that the bear market is over. This means that ZEC, alongside many other digital assets, could head south just as sharply should the bulls lose momentum.

The asset’s Relative Strength Index (RSI) should serve as another warning. The ratio has skyrocketed to 96 (out of 100), indicating the price has increased too much in a short period and could be on the verge of a pullback. Conversely, readings below 30 are typically interpreted as buying opportunities.

The post Zcash (ZEC) Explodes 40% Daily: What Drives the Pump and What’s Next? appeared first on CryptoPotato.

Source:Show originalDisclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.