Whales Try Playing Zcash Price Santa — But Can The Rally To $655 Arrive In Time? 

Zcash is up almost 10% in the past 24 hours and is trading near $446. The breakout from the bull flag pattern on December 15 remains active, and the projected target is near $655. That is the level that the flag projection and Fibonacci extension agree on. So the target survives. The problem is timing.

Mega whales have stepped in like Zcash price Santa, but the rest of the market is not ready to sing carols just yet.

Mega Whales Try To Deliver The Gift

The top 100 Zcash addresses on Solana increased their spot holdings by 2.86% in the past 24 hours, moving from 34,542 to 35,532 ZEC. At the current ZEC price, that is roughly $441,480 in fresh positioning (small yet critical). That activity supports the idea that the bull flag breakout still matters and that long-term conviction is alive.

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The structure is simple. A bull flag broke on December 15 and has not been invalidated yet. The price retraced, but the pattern still points higher. Whales adding into that structure is the closest thing to a price Santa this market has had all month.

That said, timing could be an issue as retail is not following.

Dip Buying Isn’t Convincing, And Derivatives Don’t Agree

Between December 17 and December 23, the Zcash price trended higher. At the same time, the Money Flow Index (MFI) made lower lows. MFI measures buy and sell pressure using price and volume. When prices rise, but MFI fails to follow, it signals weak dip buying and a lack of confidence among smaller participants. It is not yet a breakdown signal, but it is a warning.

Hyperliquid’s derivatives data confirms this hesitation.

In the 24-hour window:

• Whales in perps: net short.
• Consistent winners: still net short despite increasing some long positions.
• Smart money: still net short, hinting at bearish bias (yet some long positions are forming)
• Top 100 perps addresses: cutting long exposure instead of adding.

So even while spot mega whales accumulate ZEC (spot buying), the derivatives side is not backing the move. It shows a market that accepts the breakout thesis but does not trust the timing.

Put simply, the $655 target remains, but the rally lacks broad-based near-term support.

Zcash Price Levels That Decide The Route To $655

The first checkpoint for momentum sits near $458. That is the 0.5 Fibonacci level. Clearing that area with a daily close opens room toward $479 and then $508. If the Zcash price reaches $546, momentum would match the original bull flag projection, and $655 becomes realistic, not just mathematical.

If Zcash reaches $655, that satisfies the measured move of the flag and the 1.618 Fibonacci extension.

If momentum fails, $411 becomes the first check for damage. Below that, $370 threatens a full invalidation. For now, the flag structure stays intact. Whales are trying to deliver. Retail and derivatives are not ready to open the door.