Zcash has seen a rapid rise in the past 48 hours, with the price once again exceeding the $1000 mark for the first time, reaching a high of $1046 during the session. This is the first time the coin has touched this level since 2016, and market attention has once again turned to the privacy coin sector as a result.

Derivatives are driving this trend more noticeably.

This round of increase was not entirely driven by spot buying orders. The article mentions that the open interest in ZEC rose to $1.66 billion, and short covering also amplified the increase. The futures volume of CVD approached 5.07 million, while the spot volume of CVD was still around -387,000, indicating a divergence in their trends.

Spot buying orders still haven't kept up.

The data from the on-chain blocklisting pool does not show a large influx of funds into the privacy pool, indicating that this round of breakthrough has not yet received stronger confirmation from on-chain funds. If the price can stabilize above $1000 and turn the $850 to $900 range into a support level, the market's confidence in subsequent trends will be even stronger.

The key level is around $1,050.

In the short term, $1050 is the current resistance level. If ZEC continues to hold the breakout range, the next target range on the long-term chart will be around $1600 to $1625. If the price falls back below $1000, the aforementioned leveraged positions could turn into selling pressure.