Zcash Surges 42% in a Week, Predictions Point to Potential $2,200 Target

Zcash (ZEC) has been on a remarkable run, up 42% in just one week and over 1,300% year-to-date. Its price reached $1,190 on Monday, with many predicting it could soon cross the $2,200 threshold.

The largest on-chain short position held by Garrett Jin is currently down over $24 million, but he has added to his bet rather than closing it out. This move raises the average entry price and pushes the liquidation level further from spot, buying survival room at the cost of a larger position and potential loss if the trade continues against him.

The derivatives market is also indicating strong bullish sentiment, with open interest in ZEC futures reaching an all-time high of $2.8 billion. Positive funding rates have been observed since early July, meaning longs have been paying shorts continuously rather than the reverse.