Grayscale’s Zcash Trust Just Doubled Its Volume as Shielded Supply Hit an All-Time High: Is $400 the Next Target?

Grayscale’s Zcash Trust (ZCSH) just doubled its trading volume, pushing daily volume past $2 million as Zcash’s shielded supply reached an all-time high.

Two separate signals, one institutional, one on-chain, converging at the same time, is not a coincidence you ignore.

Shielded supply now represents approximately 30% of ZEC’s circulating supply, its highest share on record. The question is whether this is a structural shift in how investors and users engage with Zcash, or a short-term spike with nowhere to go in May.

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ZEC is sitting at $335 on the daily chart, and the most notable thing here is the massive recovery from the February lows near $185, with ZEC price nearly doubling before running into the $400 resistance zone and getting rejected back down.

That $400 level marked as the red dotted line is the key ceiling; it rejected price hard in April and is the line that separates the current recovery from a genuine trend reversal attempt.

Price is now sitting in a consolidation zone between roughly $300 and $380, churning after the initial recovery momentum faded, and the structure suggests it needs to either build another base here or risk sliding back toward the $240 to $260 range, where support sits below.

On the upside, reclaiming $400 opens the path toward $457 first, then $527 and $600 as the higher targets marked on the chart, all of which were prior support and resistance zones from the November to December range.

The daily chart shows a coin that made a significant bottom and has recovered well, but is now at a decision point where the easy gains from the lows have already been taken, and the next leg requires actually breaking through real resistance rather than just bouncing off a floor.

$400 is the level to watch. Until it flips, this is still a recovery trade, not a breakout.

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