#比特币2026年行情展望 ZEC What's your view on this wave of market movement? I provide an answer from three dimensions: technical analysis, on-chain data, and news sentiment.

**Technical Level Still in Accumulation Phase**
Price is hugging the upper Bollinger Band (935.82), with moving averages in a bullish alignment. MACD, although not expanding, has not fallen below zero—this is a typical converging consolidation pattern. 936.2 is the previous high that needs to be broken, and 933.6 is the support at the middle Bollinger Band. In simple terms, the direction is not fully confirmed yet, but positive signals are accumulating.

**More importantly, on-chain funds are moving**
In the past 24 hours, large holders have increased their holdings by 120,000 ZEC (equivalent to $112 million), and exchange net outflows have surged by 30%—this is not retail behavior. The top 10 addresses now hold 41.3% of the supply, indicating increased concentration of funds. The control by large holders is evident, and the risk of dumping is relatively low.

**News sentiment also has highlights**
Recently, the ZEC ecosystem has upcoming cross-chain collaboration proposals to be announced. Privacy tokens are gaining attention amid expectations that the Federal Reserve's attitude towards cryptocurrency regulation will soften. As a leading privacy coin, ZEC is likely to be a target for capital rotation.

**How I operate**
After breaking above 936.2, there is potential for a quick test of the 945-950 range in the short term. If on-chain outflows continue, it could even trigger a daily-level rebound. Set stop-loss below 930, and keep the risk-reward ratio above 3:1.

The core of trading is to speak with data, bet on probabilities, and not rely on feelings. There are no vague "maybe" or "possibly," only clear signals and execution. This is the power of on-chain analysis.