Here’s what’s next for Zcash’s price after whale accumulation counters selling pressure

Zcash’s [ZEC] latest rally may be running out of steam, with sellers continuing to push the price past its previous support levels. The move below $1,500 shifted the focus towards $1,400, where buyers now face their first major test after the sharp decline from $1,680.

There is much more to this pullback than just another normal pullback though. As the price dropped below $1,500, there was also a significant amount of selling activity that occurred in conjunction with the breakdown.

This has been fueling additional downward pressure as the price approaches each successive level of support.

Reclaiming $1,400 would signal early signs of stabilization within this market and subsequently ease some of the downward pressure.

However, it might be apparent that the loss of support has affected the recent rally and directed market focus towards lower structural levels.

Is whale activity sending mixed signals?

With the altcoin’s price action declining, whales have been taking different approaches regarding their positioning.

On one hand, a whale purchased a net total of 22,960 ZEC worth approximately $31.7 million across multiple wallets.

Interestingly, the same whale purchased an additional 4,200 ZEC worth approximately $5.84 million, continuing the accumulation.

Notably, this whale’s purchase history pattern indicated that the whale may be taking advantage of the price correction as exposure rather than to exit.

As such, there is now competition between fresh buys and realization of supply. At the time of writing, ZEC was down more than 18% from its recent high.

Together, these moves could result in greater volatility within the market. This, as traders assess whether the whale accumulation can offset the downward pressure. Still, as the accumulation continues, it could offer the market a footing despite the ongoing selling pressure.

Can whale accumulation stabilize ZEC?

At press time, Zcash seemed to be testing whether whale accumulation can provide support under the ongoing selling activity.

For example, a tracked whale cluster removed 8,600 ZEC off of exchanges. This increase lifted their total amount held in whales’ accounts to approximately 65,158 ZEC, or just over $91 million.

The most important part is the average entry at about $1,510. This seemingly left the whale’s long position approximately 7% underwater at about $1,400. This could mean that whales are absorbing ZEC’s decline, rather than awaiting confirmation that ZEC has bottomed out before accumulating again.

If the whale begins to continue to transfer funds into wallets intended for longer-term holding, available exchange supply may be reduced. This will assist in supporting the price.

Conversely, if the whale transfers funds back onto exchanges, then that would reduce the importance of the whale position regarding ZEC’s future movement.

In either case, both whale flows are providing increasing relevance in determining how ZEC will react going forward.

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Final Summary

• Zcash [ZEC] remains under pressure, with $1,400 now the key level for stabilization.
• Whale accumulation supports $1,400, but sustained selling could expose $1,300–$1,350.