After five years of continuous attention, ZEC's recent trend has finally shown a key turning point. The consecutive breakdowns within the past hour have broken the bullish support, and a unilateral decline is gradually taking shape. On-chain data has also provided a clear signal—main capital is exiting through large-scale liquidation, which is not a small test but a genuine chip escape.

What’s more noteworthy is that the current fee rate remains in negative territory, which usually indicates a lack of bullish enthusiasm in the market. From a technical perspective, there is still considerable space below. With such a resonance between technical and fundamental factors, simply waiting on the sidelines has lost its meaning. If you have the appropriate risk tolerance, chasing a short position at market price might be worth considering.