Zcash spent months trading between a $364.24 floor and $560 ceiling before buyers broke through resistance and drove the token above $680 toward $858.62. Sellers formed a large upper wick, pulling the price toward $760, but longs absorbed the subsequent supply and returned ZEC to $797.39 while keeping the pullback above $680. RSI (relative strength index) fell to 69.88, suggesting overbought momentum was normalizing, while the upward-trending MACD (momentum indicator) showed cooling momentum through a narrowing histogram. Immediate support stood at $761, with $820–$840 identified as the active supply zone and $858.62 remaining unresolved resistance. As ZEC closed near $800, Grayscale advanced its plan to convert the Zcash Trust into a spot ETF. Futures turnover reached $5.77 billion and open interest (the value of outstanding derivatives contracts) rose to approximately $1.8 billion, making leveraged speculation a major driver of the surge. Exchange netflows showed no sustained accumulation or distribution, indicating rapid two-way trading rather than clear holder accumulation. ZEC rose from $362 on June 6 to approximately $796, with most of the move occurring between Aug. 18 and Aug. 21, when the price climbed from $509 to $733. Social volume reached only 138 mentions on Aug. 21, nearly 88% below the 1,116 mentions recorded before the June bottom, showing that trading participation and liquidity expanded faster than broader public attention.