Zcash has surged more than 2,500% over the past year, reaching a new 10-year high and briefly touching $1,400 before retreating to $1,330. The move has generated losses for traders holding short positions, including a reported liquidation of 767.2 ZEC worth $1 million and a paper loss of more than $26 million for Garret Jin, whose bearish position now totals 37,760 ZEC, valued at about $51.5 million, with liquidation near $2,631. Analysts including Altcoin Sherpa and Crypto Bitlord remain bullish, with targets ranging from $1,500 to $2,000. A governance vote to reduce block-target spacing from 75 seconds to 25 seconds may have supported the rally by enabling faster block confirmations, while halving remains part of Zcash’s planned issuance model. However, exchange netflows show inflows exceeding outflows, potentially increasing selling pressure, and the Relative Strength Index (momentum indicator) is just above 70, a level commonly associated with overbought conditions and possible pullbacks.