Zcash (ZEC) price extended its explosive rally in October, surging nearly 400% month-to-date to reach $374 on Oct. 27. The token’s sharp rise positioned it among the month’s strongest large-cap performers, driven by renewed market interest in privacy-focused assets.
The surge also sparked social media excitement after BitMEX co-founder Arthur Hayes shared a larger-than-life price target for the ZEC coin, further amplifying attention around the asset’s rapid price recovery and its breakout momentum.
Arthur Hayes’ $10k ZEC Remark Fuels Frenzy
Hayes’ brief remark predicting ZEC’s price rise to $10,000 fueled intense speculation across crypto circles. The BitMEX founder’s post followed Zcash’s sharp rally past $300, where the token had already gained more than 500% over the past 30 days.
Market participants interpreted the comment as tongue-in-cheek and a signal of growing institutional curiosity about privacy coins. Despite the apparent exaggeration, the reaction underscored how sentiment often drives speculative phases in smaller-cap assets.
Soon after, developers and investors joined the conversation. Helius CEO Mert Mumtaz argued that dismissing ZEC’s potential based on its recent rally was shortsighted. The market commentator said investors should focus on valuation and relative market positioning instead of assuming the rally was over.
Mert compared ZEC’s market capitalization with that of larger tokens like Cardano, Tron, and Dogecoin, claiming ZEC remained undervalued relative to its fundamentals. His comments added a fresh layer to the ongoing debate over privacy coins’ place in regulated markets.
Together, Hayes’ forecast and Mert’s valuation defense intensified the speculative energy surrounding ZEC. While analysts remained divided on the rally’s sustainability, social sentiment clearly shifted from skepticism to momentum chasing, placing Zcash at the center of October’s most-watched narratives.
Analysts Eye Consolidation Before Potential Breakout
ZEC’s rapid surge invited mixed technical readings from analysts tracking the token’s momentum. Altcoin Sherpa noted that ZEC had entered a key resistance zone near its local high, where price strength began to fade.
The analyst highlighted the ZEC USD pair’s consolidation just below the all-time high region and said he preferred waiting for a pullback toward lower support before adding exposure. According to him, a retest of earlier demand areas could provide stronger risk-to-reward setups if buyers effectively defended those zones.
Crypto Tony viewed the rally through a broader lens, describing the recent move as a clean breakout from a multi-week structure. The analyst suggested that a temporary pullback could be constructive, allowing the market to confirm support before another leg higher.
Tony’s chart showed a decisive reclaim of the prior breakout level near $300, a move he said often precedes medium-term continuation when volume holds steady.
Clifton Fx focused on the midterm setup, identifying an ascending triangle formation on the eight-hour chart.
The analyst said an upside break could trigger a rally of 100% or more, though the actual pattern height implied a more conservative projection. Clifton’s analysis aligned with the broader narrative of sustained bullish structure, provided the trendline support remained intact. Together, the readings pointed to a maturing uptrend, where consolidation appeared more likely before ZEC attempted its next breakout phase.
