Does anyone still remember the bloody long liquidation wave of ZEC? The liquidation zone around $380 directly pressed the leveraged longs to the ground, with liquidation orders flying everywhere. The magnitude of the drop was as terrifying as the heatmap indicated.

Now ZEC has reached a crossroads—whether it can hold the $450 line will directly determine its future trend. Once it breaks below, the $300-$370 range will become a true slaughterhouse, and a chain reaction of liquidations will be unstoppable.

Honestly, ZEC has never been driven by fundamentals but has been led by leveraged liquidations. The previous drop from the high of $530 was essentially a liquidation-driven squeeze—once the price broke below the $495 support, the red alert on the liquidation heatmap instantly lit up. Long positions in the $485-$495 range were wiped out in bulk, retail traders panicked and fled, and chain sell-offs followed. The wave around $380 was even more brutal—whales holding 6x leverage still couldn't avoid liquidation, losing as much as $1.55 million on a single position.

The liquidation heatmap is not just for show; it accurately calculates the "high-risk liquidation zone" based on open interest and leverage multiples. The redder and denser it is, the more leveraged positions are stacked there. Once the price hits the line, chain liquidations will be triggered. Looking at ZEC's current chart, you can understand why liquidations can smash the price so ridiculously—this is not normal volatility, but the fate of leverage trading.