ZCash (ZEC) is bucking the broader market trend today, emerging as one of the day’s strongest performers as it posts a notable, if potentially fragile, rally. Price action and market moves - Over the past 24 hours ZEC has climbed more than 10%, reclaiming roughly $384 at the time of reporting. - The move has been driven primarily by activity in the perpetual futures market rather than by spot buying, creating a clear divergence between speculative and spot-market participants. What’s fueling the rally - Perpetual market inflows and metrics (CoinGlass): about $71.26 million flowed into ZEC perpetual contracts, while the Funding Rate sits positive at ~0.0061%. - Open Interest (OI) up signals fresh capital entering perpetuals. - A positive Funding Rate implies long traders are paying shorts — a typical sign of bullish positioning among perpetual traders. - In short: most newly opened contracts appear to be long bets, and that speculative liquidity has helped push price higher. Spot market tells a different story - CoinGlass spot exchange netflow data shows $31.37 million of net spot sales over the last 48 hours — about 44% of the perpetual inflow. - Spot traders are withdrawing liquidity rather than supporting the rally, which raises questions about how sustainable the futures-led move will be. Risk signals — liquidity clusters and potential downside - The liquidation heatmap shows the largest concentration of liquidity below the current price, suggesting a path for downside pressure. Analysts point to a possible retest toward the $350 area if selling pressure intensifies. - Historically, rallies driven mainly by leveraged/perpetual flows without matching spot demand are more vulnerable to sharp pullbacks once speculative momentum fades or funding dynamics change. Outlook - If spot demand returns, ZEC could consolidate and extend gains. If it does not, the futures-driven rally may reverse, exposing the token to downside risk toward the $350 region identified by liquidation clusters. - Traders should watch OI and funding rate moves, spot netflows, and the liquidation heatmap as short-term gauges of whether this rally will hold or unwind. Source notes and disclaimer - Market flow and heatmap data referenced from CoinGlass. This article summarizes market conditions and is informational only; it is not investment advice. Trading cryptocurrencies carries high risk — do your own research before making decisions. © 2026 AMBCrypto Read more AI-generated news on: undefined/news