Garrett Jin returned to the spotlight after opening a 2x leveraged long position in 27,723 ZEC worth approximately $11.9 million.
The move follows the closing of a previous short position, signaling a notable change in conviction towards the asset.
But the market immediately contested this decision.
Shortly after entering the business, the saved position an unrealized loss of over $812,000 as ZEC continues to struggle below key resistance levels.
Nonetheless, the timing of the entry attracted attention because Jin entered near a major support region rather than after a confirmed breakout.
As a result, traders closely monitored whether the whale was anticipating a rapid recovery or whether it was simply entering the market before the bearish pressure had completely subsided.
Top Binance Traders Still Favor Shorts
While Garrett Jin positioned himself bullish, top Binance traders largely maintained a bearish outlook.
Top Trader’s Long/Short ratio data showed that short accounts continued to outnumber bullish positions across the exchange.
At the last reading, only 37.39% of accounts remained long, while 62.61% held short exposure.
The ratio stood at nearly 0.60, highlighting a persistent bearish conviction despite recent recovery attempts.
Previous sessions showed stronger bullish participation, but sellers gradually regained control as sentiment weakened.
This divergence has created an interesting market backdrop. A prominent whale entered with a significant long position while experienced traders remained largely bearish.
Therefore, any significant upward movement could put pressure on short sellers. However, continued weakness would reinforce the prevailing sentiment among Binance’s top traders.
Can the ZEC regain lost ground?
Zcash (ZEC) showed signs of stabilization after defending the $359.60 support level following a sharp decline.
Buyers intervened around this area and pushed the asset above $422.50, allowing the rebound to remain intact.
Despite this, the rally hit a major hurdle at $523.63.
This level previously served as support inside the ascending channel before the recent breakout shifted control to sellers.
Meanwhile, ZEC traded near $429, giving buyers significant work before confirming a broader rally.
The RSI also reflects improving conditions. The indicator returned to 42.61 after falling into oversold territory, suggesting that selling pressure has eased significantly.
Despite this, the RSI remained below the neutral level of 50, indicating that buyers have not completely regained control. If ZEC reclaims $523.63, a move towards $620 would become increasingly likely.
Liquidations highlight market uncertainty
Liquidation data revealed a market still looking for direction.
Recent figures showed approximately $562,960 in short liquidations, compared to $472,740 in long liquidations.
Binance accounted for the largest share of activity, seeing approximately $216,900 in short liquidations and $248,600 in long liquidations.
Other exchanges including Bybit, OKX, HTX, and CoinEx also saw notable liquidations on both sides of the market.
The relatively balanced totals suggest that traders positioned themselves aggressively based on volatility rather than committing to a clear trend.
Additionally, the slightly higher short liquidation figure indicates that recent rallies have caught some bearish traders off guard.
Although neither ups nor downs establish decisive control, the market is vulnerable to sharp swings around key levels.
Is a greater recovery still possible?
ZEC has stabilized above the $359.60 support zone, but buyers still need to reclaim $523.63 before a stronger rally can emerge.
The improving RSI and recent rebound have offered encouraging signs.
However, Binance traders remained heavily short, showing that skepticism still dominated sentiment.
If buyers overcome resistance, ZEC could next target $620. Until then, the recovery will likely remain a work in progress.
Final summary
- ZEC has defended major support, but resistance continues to limit recovery attempts.
- The bearish positioning of traders persists despite the improvement in the RSI and the accumulation of whales.
