#数字货币市场洞察 This ZEC rally played out like a fantasy tale—from starting at 35 yuan, it surged nearly 20 times to 750 in 79 days, a textbook case of a dramatic reversal.

Looking back at the privacy coin sector, early on, a wave of exchange delistings pushed it into obscurity, and the market collectively forgot about it. As a result, the main players ended up holding all the chips. This situation actually became the trigger for the later explosion—the high concentration of chips left plenty of room for a sharp move up.

But the technical side started to show cracks. The double top pattern around 750 is very clear, confirmed on the daily chart, plus bullish momentum was fading and bears dumped large volumes—clear signs that the main holders were selling out. After the price broke through the neckline, there was a rebound, but it was quickly suppressed, which means the upward cycle is really over.

The current situation: it has entered a classic downtrend channel. Even though halving from the peak to the 300 range may seem "cheap," in a downtrend, this price advantage is nowhere near enough to justify a mid- to long-term position. Many people are easily attracted by low prices, but this is actually the most likely time to catch a falling knife during the downturn—you need to avoid this trap.

Strong coins in a bull market typically follow this pattern: after multiplying several times, they need to digest chips, either through slow consolidation or a deep correction. The real opportunities never appear when the uptrend is already established, but are already set up during the cold periods when the market completely ignores them. When everyone is bullish, that’s usually the end.