Zcash's ZEC token fell 14.36% over 24 hours after its extended rally approached the $1,300 region, as leveraged bullish positions came under pressure and broader risk-asset sentiment weakened. The token swept liquidity near $1,300, failed to hold above $1,245 resistance and dropped into a $1,075-$1,100 fair value gap before rebounding toward $1,099. Lookonchain reported that two leveraged long positions were liquidated for combined losses of about $4.33 million. A separate report said ZEC open interest reached $1.35 billion during the rally, while earlier data put open interest near $2.9 billion at the peak before it declined to about $2.11 billion. Traders are watching whether ZEC can defend $1,075 support, with liquidation liquidity concentrated around $1,180-$1,200 and additional resistance near $1,240-$1,250.