ZEC's pullback is ostensibly a decline, but the signals revealed by the on-chain data are completely different.

Interestingly, the more the price falls, the more active the big money is. This is not panic selling by retail investors, but more like a planned accumulation behavior. Three key signals are worth noting:

**Abnormal flow of funds on the chain**
An AI monitoring tool continuously triggered alerts, showing that large addresses continued to increase their holdings. This kind of buying against the trend is usually not the work of retail investors.

**Signs of a Turning Point in Technology**
The MACD indicator has formed a golden cross, indicating that the downward momentum is running out. From a technical perspective, this is often a precursor to a rally.

**Bitmex Short Interest 71.7%**
More than 70% of contract positions are shorted, and this extreme unilateral position distribution is a huge reverse fuel in itself. Once the price rises, the unwinding of short positions can trigger a chain reaction.

**If you want to participate, consider a framework like this:**

The position opening range can be seen at the position of 325-330, and the market is controlled in batches.

Phased targets: 343-355 is the first resistance zone, 365-375 is the second wave space.

The stop loss line is set at 318, and a break below this position means that the logic is invalid.

Position Management: Recommends not exceeding 15% of total positions for flexibility.

In the final analysis, the market is never short of opportunities, what is lacking is the patience to string data and logic together. The position of ZEC, with its on-chain funds, technical signals, and market sentiment, is at least worth paying attention to.