Zcash has extended its explosive recovery after confirming a bullish Adam and Eve pattern on the weekly chart, with traders now watching a potential breakout rally toward the $900 region.

Zcash (ZEC) price rose more than 110% over the past month and briefly touched $682 on May 22 before retreating toward the $600 support area at press time. From its year-to-date low, the privacy-focused cryptocurrency has rallied more than 245%, outperforming most major altcoins during the same period.

The latest leg higher followed a combination of regulatory relief, institutional accumulation, and aggressive short liquidations. Earlier this month, the U.S. Securities and Exchange Commission officially closed its investigation into the Zcash Foundation without recommending enforcement action, removing a long-standing compliance risk that had weighed on investor appetite for privacy-focused assets.

Grayscale accelerated the institutional narrative on May 12 after filing with the SEC to convert its Zcash Trust into a spot Zcash ETF on NYSE Arca. The proposal placed ZEC among a limited group of altcoins pursuing regulated spot ETF exposure in the United States as fund issuers continue expanding beyond Bitcoin and Ethereum products.

Arthur Hayes recently disclosed that Zcash had become his second-largest crypto holding after Bitcoin, while Raoul Pal and Multicoin Capital publicly backed the privacy-coin sector during the rally. Their comments fueled speculation that institutional capital could increasingly rotate into privacy-focused infrastructure projects after years of regulatory uncertainty around anonymity-enhanced cryptocurrencies.

On-chain supply conditions tightened sharply during the rally. Community data showed more than 30% of Zcash’s circulating supply, roughly 5.18 million coins, moved into privacy-focused shielded pools. The reduction in tradable supply amplified upside volatility once spot demand accelerated above key resistance levels.

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Foundry USA later added official mining support for ZEC, bringing institutional-scale mining infrastructure and additional hash-rate stability to the network. During Consensus Miami, the Zcash Open Development Lab also unveiled early-stage “quantum-recoverable” wallets as part of a broader push toward post-quantum security protections.

Adam and Eve breakout structure projects move toward $929

Weekly charts now show Zcash completing a textbook Adam and Eve bottom formation after reclaiming the neckline near the $560 region. The structure formed after a sharp capitulation low near $190 earlier this year transitioned into a rounded accumulation phase throughout March and April.

The measured move from the pattern projects a breakout target near $929, representing roughly another 50% upside from current levels. Traders calculate the target by measuring the distance between the neckline and the pattern low before extending the same range upward from the breakout point.

The chart also shows ZEC reclaiming the Supertrend indicator, which flipped bullish near the $314 region earlier this quarter. Price continues holding well above that level despite the recent rejection near local highs.

Momentum indicators remain constructive on higher timeframes. The weekly MACD histogram has expanded deeper into positive territory while the MACD line continues trading above the signal line, a structure traders often associate with continuation rallies rather than exhausted breakouts.

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Crypto trader Ardi described Zcash as “one of the best macro recovery charts in the market right now” after the token completed a V-shaped recovery back into the upper $680 resistance region. In a post published on X, he added: “Once that level breaks and confirms as support, I’m still targeting a move into the $740 region next.”

$ZEC

Still looking for continuation here.

Structurally, this is still one of the best macro recovery charts in the market right now.

Price has now completed a full V-shaped recovery back into the top of the local $680 range after reclaiming the entire corrective structure from… https://t.co/WKRy40j1hd pic.twitter.com/oGI2K8Wui1

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— Ardi (@ArdiNSC) May 24, 2026

Liquidation clusters and whale positioning tighten around $700

CoinGlass liquidation heatmap data shows dense leverage concentration between $680 and $700, where large short liquidation clusters accumulated during the past week.

A breakout through that resistance range could trigger another cascade similar to the rally earlier this month that erased more than $55 million in bearish positions during a single trading session.

Major liquidity pools have also formed around the $570 and $560 support zones beneath current prices. Those levels align closely with the Adam and Eve neckline retest area, making them key regions traders will likely monitor for dip-buying activity if ZEC extends its pullback.

Lookonchain reported that a trader reopened a 40x leveraged Bitcoin short position worth more than $40 million while simultaneously holding a 53,500 ZEC long valued near $33 million. The platform said the trader’s Zcash position briefly fell nearly $1.9 million underwater after the latest correction.

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Leverage exposure across ZEC derivatives markets has expanded rapidly alongside the price rally. Several perpetual futures platforms recorded elevated funding rates during the recent advance as traders crowded into aggressive long positions, expecting continuation toward new cycle highs.

Bitcoin stabilized near the $77,000 region after heavy ETF-driven selling pressure earlier this month, allowing speculative capital to rotate back into higher-beta altcoins, including Zcash, Solana, and other privacy-focused assets. The improvement in broader crypto sentiment helped sustain momentum across altcoins that had already broken above key technical resistance levels.

Upcoming U.S. inflation and labor-market reports remain another major focus for traders after Treasury yield volatility pressured crypto markets earlier this quarter. Any economic data supporting expectations for future Federal Reserve rate cuts could improve liquidity conditions for speculative assets and reinforce demand across altcoins.

Oil prices also retreated this week after reports that the United States and Iran extended ceasefire negotiations tied to shipping activity near the Strait of Hormuz. The pullback eased some inflation concerns across global markets and helped improve sentiment toward risk assets, including cryptocurrencies and high-beta altcoins like Zcash.

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Weekly candles have started printing longer upper wicks near the $680 resistance region after ZEC’s 245% rebound from yearly lows. The rejection suggests some traders have begun taking profits into strength while leveraged positioning across futures markets remains elevated.

Per analyst Skinny, Zcash is highly overbought at current levels, and while the token could still climb toward last year’s highs, it may quickly reverse bearish once it reaches the $740 resistance zone.

Failure to hold the $560 breakout zone could weaken the current bullish structure and expose downside retracements toward the psychological $500 level. A sustained breakdown below that region would invalidate the Adam and Eve continuation setup and likely trigger another wave of long liquidations across leveraged derivatives markets.

For now, Zcash continues trading above its key breakout threshold while shrinking liquid supply, institutional catalysts, and concentrated short exposure keep traders focused on a potential move toward the $900 region.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Key Takeaways

• SNDK has climbed 132.73% over the last quarter and 5.05% in the past week, significantly outperforming broader market indices.
• The company delivered Q1 earnings per share of $23.41, smashing analyst expectations of $14.17, alongside revenue of $5.95 billion—a 251% jump year-over-year.
• Shares opened Tuesday at $1,478.69, trading within a 12-month range spanning from $35.79 to $1,600.00.
• While Jefferies Financial Group reduced its holdings by 41.3%, offloading 15,101 shares, numerous other institutional players increased their stakes.
• Wall Street analysts have raised their price projections broadly, with Citigroup establishing a $2,025 target and Melius Research pushing as high as $2,350.

Sandisk Corporation (SNDK) has delivered one of the most stunning performances in recent market memory. Trading at $1,478.69 as of Tuesday’s opening bell, the stock has skyrocketed more than 3,866% over the past year—an achievement few equities can match.

Sandisk Corporation, SNDK

Technical indicators paint a picture of sustained momentum. The 50-day moving average currently stands at $999.79, with the 200-day average at $608.04. Remarkably, the stock’s 12-month low of $35.79 now seems like a distant memory given today’s valuation levels.

Zacks Investment Research has assigned SNDK a #1 Strong Buy rating, complemented by a Momentum Style Score of B. The stock’s 5.05% gain over the trailing week substantially outpaces the Computer Storage Devices sector’s modest 0.47% uptick during the same timeframe.

Looking at the monthly performance, SNDK’s 49.38% advance dwarfs the industry’s 26.52% gain. This isn’t merely short-term volatility—the fundamental data supports the extended rally.

Quarterly Results Shatter Forecasts

On April 30th, Sandisk unveiled quarterly results that exceeded even the most optimistic projections on Wall Street. The company posted earnings per share of $23.41, crushing the consensus estimate of $14.17 by an impressive $9.24.

Quarterly revenue reached $5.95 billion, representing a staggering 251% increase compared to the year-ago period when the company recorded a loss of $0.30 per share. Return on equity measured 44.06%, while net profit margin came in at a healthy 34.19%.

Looking ahead, management issued guidance for Q4 2026 with projected EPS ranging between $30.00 and $33.00. The full-year analyst consensus now stands at $63.58 per share—a substantial upgrade from the $41.60 consensus recorded just two months prior.

During the past 60 days, six earnings estimates have been revised upward for the current fiscal year with zero downward revisions. An additional five upward adjustments have been made for the following fiscal year.

Wall Street Raises Price Objectives

The blockbuster earnings report sparked a flurry of analyst upgrades and target increases. Wells Fargo elevated its price target from $975 to $1,250 while maintaining an equal weight stance. Mizuho established a $1,220 objective.

Weiss Ratings upgraded SNDK from hold to buy on May 20th. Citigroup increased its target from $1,300 to $2,025 alongside a buy rating. Melius Research now carries the Street’s most bullish target at $2,350.

The analyst community currently breaks down as follows: 3 Strong Buy ratings, 18 Buy ratings, and 4 Hold ratings. The consensus price target across all covering analysts sits at $1,157.14, yielding an aggregate “Moderate Buy” recommendation.

On the institutional ownership front, Jefferies Financial Group trimmed its stake by 41.3% during Q4, divesting 15,101 shares while retaining 21,499—valued at approximately $5.1 million based on the filing date.

Conversely, several other institutions moved to increase exposure. Larson Financial Group acquired an additional 37 shares, Westfuller Advisors boosted its holdings by 51.8%, and various other firms made incremental additions.

Regarding insider activity, Director Necip Sayiner offloaded 579 shares on May 8th at $1,503.11 per share, generating proceeds of $870,300.69. Company insiders have collectively sold 6,525 shares valued at roughly $6.55 million over the past three-month period.

Spain’s Ministry of Consumer Affairs opened disciplinary proceedings against prediction market platforms Polymarket and Kalshi and ordered internet service providers to block access to the platforms.

In notices published in the country’s official state gazette, Spain’s gambling regulator, the Directorate General for Gambling Regulation (DGOJ), said the companies were offering betting products tied to uncertain future events without the licenses required under Spanish law, according to local news outlets.

Authorities said the precautionary blocking measures would remain in place while the cases proceed, a process expected to take three to four months.

The notices came after regulators failed to notify the companies through known foreign addresses.

Kalshi and Polymarket currently dominate prediction markets’ trading activity. Over the past 30 days, Kalshi recorded roughly $5.9 billion in trading volume while Polymarket processed about $3.8 billion, according to DeFiLlama data.

Combined, the two platforms represent nearly 88% of the roughly $11 billion in trading volume among the sector’s top markets during the period.

The move sees Spain join a growing number of jurisdictions targeting prediction markets as regulators debate whether the products should fall under gambling or financial market rules.

Indonesia blocked Polymarket earlier this week under online gambling restrictions, as did India. Other countries including Taiwan, Thailand China, and Japan have restricted the platform, while Ukraine blocked it with no legal way for it to come back.

Polymarket’s list of blocked countries also includes Belgium, Australia, France, the U.K., and Germany. The platform is relaunching in the U.S.

Kalshi followed a different regulatory route in the U.S., where it operates under oversight from the Commodity Futures Trading Commission (CFTC). Still, it’s been under fire.

Spanish authorities said unlicensed operators may lack safeguards such as identity checks, protections for minors and systems for self-excluded gamblers.

Tom Lee’s Ethereum bet has cratered the BitMine Immersion Technologies balance sheet by more than $8 billion. His personal compensation package, however, is still worth tens of millions of dollars. 

BitMine is the publicly traded ether (ETH) acquisition company that Lee chairs. Its most recent quarterly filing disclosed a so-called treasury of 4,473,459 ETH, acquired for a not-so-brilliant cost basis of $16.97 billion as of February 28. Fair value on that date was only $8.79 billion. 

In other words, thanks to Lee’s leadership, the company had an unrealized loss of $8.18 billion, or just over 48%, below its then-average cost basis of $3,795 per ETH.

Undeterred, the company kept buying anyway and by May 17 had reported 18% more: 5,278,462 ETH.

Indeed, the company has repeatedly proclaimed that it “aims to eventually hold 5% of the total ETH supply” because of the importance of alchemy. 

However, like every so-called alchemist throughout human history, BitMine has failed to discover anything except how to make money disappear. 

Meanwhile, Lee, his co-executives, and the agents who keep BitMine’s stock printer running have done extraordinarily well on a personal basis.

$348 million in warrants before the losses even began

BitMine became an ETH treasury company in July 2025 by hiring Lee-affiliated firm Ethereum Tower as strategic advisor. 

• That deal cost shareholders 3,192,620 warrants at an exercise price of $5.40. That fair value was $348.96 million, expensed immediately against fiscal 2025 earnings. 

• The placement agent on the related June 2025 stock offering, ThinkEquity LLC, walked away with another 1,231,945 warrants worth $134.65 million.

• Three men — then-Chief Executive Jonathan Bates, Chief Financial Officer Raymond Mow, and President Erik Nelson — collected $3.37 million in combined salary, bonus, and stock for the year. 

• Outside directors split another $1 million in stock awards.

Tens of millions for Tom Lee

Five months after those strategic advisor warrants, BitMine asked stockholders to approve a new package for Lee, who had assumed the chairman role.

Despite BitMine’s common stock languishing 79% below its 52-week high at the time, a majority of voting power agreed on January 15, 2026.

The package was worth up to $95 million in cash over five years. BitMine paid $15 million upfront and committed to $20 million more in fixed payments over four years. The remaining $60 million unlocks only if BitMine hits annual revenue hurdles.

Targets escalate from $200 million in fiscal 2027 to $500 million in fiscal 2030. In addition to the cash, Lee received 1.5 million time-vesting restricted stock units and 4.5 million performance units.

Performance units vest at $125 and $250 share price targets. 

Curiously, BitMine’s board justified the lavish deal by calling Lee a uniquely qualified leader. In actual fact, the company’s ETH treasury was already underwater by more than $4 billion at the time of the January vote, and losses have doubled since then.

Disclosure: The author of this story owns shares in Strategy (MSTR).

Strategy (MSTR), the world’s largest corporate holder of bitcoin BTC$77,166.67, repurchased $1.5 billion of its 0% convertible senior notes due 2029 last week for $1.38 billion, opting to reduce debt rather than add to its bitcoin treasury, according to a filing released Tuesday.

The company funded the repurchase using cash reserves, bringing those reserves down to about $871 million following the debt repurchase and related capital transactions.

Executive Chairman Michael Saylor referenced the move on Sunday in a post on X, writing: “This week we bought bonds, not bitcoin. The ₿itVac is charging.”

The repurchase marks a shift from the company’s usual bitcoin accumulation strategy as it looks to restructure liabilities tied to its bitcoin treasury model.

Upon settlement, the purchase reduced the company’s outstanding debt obligations to $6.7 billion from $8.2 billion.

Strategy holds 843,738 BTC acquired at an average price of $75,700 per coin, representing a total purchase cost of approximately $63.9 billion.

MSTR shares rose 1.9% in pre-market trading alongside bitcoin’s modest rise back to $77,000 over the weekend.

Read More: Strategy to repurchase $1.5 billion of 2029 convertible bonds using cash or bitcoin sales

It’s getting tough for crypto bulls.

Crypto exchange-traded products (ETPs), including ETFs, have fallen out of favor with investors as the U.S. Treasury market signals higher-for-longer interest rates.

Digital asset investment products recorded $1.47 billion in outflows last week, the second consecutive week of redemptions and the third-largest weekly outflow of 2026, according to CoinShares.

Bitcoin BTC$77,159.76 funds led the charge, dropping $1.32 billion in their largest weekly outflow of the year. The 11 U.S.-listed spot bitcoin ETFs alone witnessed an outflow of $1.26 billion last week, following the preceding week’s $1 billion exodus. Investors pulled $223 million from ether (ETH) funds.

Other altcoin ETFs also experienced a material moderation in flows.

“Cumulative outflows over the two weeks now stand at US$2.54bn, suggesting the Iran-related risk-off has deepened and broadened despite continued CLARITY Act progress,” James Butterfill, head of research at CoinShares, said in a report shared with CoinDesk.

The outflows occurred as bond-market traders ramped up bets that the Federal Reserve will keep interest rates higher under new Chairman Kevin Warsh.

Their positioning is evident from the section of the Treasury market curve, identified by the difference between two- and 10-year yields, which grew by over 12 basis points last week.

The two-year yield is more sensitive to interest-rate expectations, so the widening of the spread, driven by a faster rise of the two-year yield, implies expectations of elevated borrowing costs over the near term. Similarly, the gap between five- and 30-year yields also widened, flashing similar expectations.

Elevated interest rates often disincentivize riskier asset classes, especially weighing on emerging technologies like cryptocurrencies and zero-yielding assets like bitcoin.

Taken together, the outflows and yield curve signals paint a bearish picture for risk assets. Investors may be redeploying capital into impending IPOs, especially SpaceX, which could be the biggest ever, and into commodities, which are rallying amid disruptions to oil flows through the Strait of Hormuz.

Forthcoming U.S. inflation data releases, including the Fed’s preferred gauge, core PCE, due on Thursday, could clarify the market trajectory. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Today’s signal

The chart shows daily swings in the ratio between the prices in U.S. dollars of bitcoin and gold.

The ratio has been rising since March, indicating BTC outperformance relative to gold, and as of writing, it is holding onto the bullish trendline support. A bounce from here would imply the continuation of the rally.

Conversely, if the support breaks, it signals a resumption of the broader BTC bear market.