Recently, ZEC's price movement has been quite dramatic. Those two small bearish candles scared many people into sweating, and some even cut their losses overnight. But I want to say, don't rush to sell yet.

Let's first look at the essence of the market. To determine whether a decline is just a shakeout or a real waterfall drop, you need to watch two things: whether the support level has been broken, and what the trading volume is doing. Remember when ZEC dropped to around $361? I was closely monitoring real-time data, and the clearest signal appeared — multiple attempts to break below that zone failed. More importantly, the trading volume was decreasing, indicating that the selling pressure had long disappeared, leaving only panic sentiment.

What happened next? The main force directly pushed the price back up to $416. This move seems simple but is actually a filter — shaking out less committed retail investors and taking the opportunity to lock in positions.

The recent market behavior over the past couple of days is a typical volume-contraction rebound. What does that mean? After a rally, the main force deliberately pulls back slightly to test the support strength and observe market reactions. You’ll also notice that during the pullback, trading volume keeps shrinking, which means no one wants to sell anymore. The order book has been locked in place almost completely.

On-chain data also confirms this judgment. Recently, a bunch of whale addresses have been continuously accumulating at low levels, and institutions are increasing their positions. The actions of these big players often tell us more than candlestick patterns.