Cryptocurrency analyst Joao Wedson has commented on the recent remarkable rise of ZCash (ZEC), stating that the asset has entered a "historic performance zone."
According to Wedson, ZEC is currently trading above all on-chain price models. This current trading position marks the second-strongest yearly performance in the altcoin's entire history.
Wedson highlighted a key dynamic contributing to the current rally: aggressive selling by long-term investors. The analyst noted that the CDD Multiple metric is indicating that very old ZECs, which have remained dormant for years, are now moving for the first time. This activity is adding additional volatility to the market.
The analyst further observed that ZEC has surpassed levels previously considered aspirational for Bitcoin in terms of on-chain indicators. "ZEC has broken all the major on-chain levels we previously expected to see in Bitcoin, and it's the first to do so," Wedson remarked.
Wedson suggested that in an overly optimistic scenario, ZEC, which is now entering its price discovery phase, could potentially target $1,650. However, the analyst also cautioned that even the current price level carries rising risks, urging investors to remain cautious.