On-chain signals indicate that ZEC has recently faced strong short-selling pressure. Data tracking shows that whale addresses have established large short positions at the $507.66 level. From the current price of $494, shorts have initially taken profits, but multiple rebounds near $507 suggest that market sentiment is not entirely pessimistic.

From the candlestick pattern, ZEC is trapped in a typical consolidation phase. $480.71 serves as the first line of technical defense; if broken, it will be difficult for the market to find new support levels. On the upside, $543.26 has become a recent resistance. The $507.51 level is particularly intriguing—it is both a pressure point and a psychological barrier. Multiple attempts to break through without success indicate fierce tug-of-war between bulls and bears at this level.

Looking at volatility characteristics, frequent interactions between upper and lower shadows reflect hesitation among market participants at key price points. In the short term, if shorts continue to suppress prices above $507, a decline toward $450 is not exaggerated. However, if support at $480 holds, the rebound risk should not be underestimated—whale "seven in, seven out" tactics are notoriously aggressive, but overly frequent operations may also reveal their intentions.

For holders, $480 is a critical dividing line. Holding this level increases the probability of a rebound, and they may consider buying on dips; a breakdown requires decisive exit. Short-sellers can add positions near $507 on rebounds, but stop-losses must be set carefully, with a safe stop-loss above $510.

Whether this correction is a shakeout or a genuine trend reversal depends ultimately on whether $450 can become the final support. The market is waiting for an answer, and price fluctuations will provide the answer.