Reviewed by Reviewed by Jibin Mathew George Updated 01:30 EDT September 30, 2026 Share Share Share Back to Top 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
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
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
Muriuki Lazaro is a on-chain data analyst with a B.Sc. in Data Science. Muriuki specializes in dissecting complex on-chain data into clear and accurate insights for readers in the crypto ecosystem, with a particular focus on Bitcoin
