ZEC's recent market performance has indeed been astonishing—breaking through $538 has excited many. But if you only look at the candlestick chart, you might only see the surface of the story.

From a technical perspective, the data is clear. RSI has surged to 84, entering the seriously overbought zone. The price is also unrelenting, directly piercing through the upper band of the Bollinger Bands. Historical experience tells us that such extreme deviations are hard to sustain; what does this usually mean? A correction could come knocking at any moment.

The truly interesting part is on-chain. Trading volume has soared, but what about the actions of the whales? Strangely, the big players haven't followed the trend with large buys. Instead, another sign is emerging—the short positions are still being accumulated, as if waiting for an opportunity.

What is driving this market rally? Ultimately, it's more about FOMO (Fear of Missing Out) emotions than a bull market built on solid consensus. Both bulls and bears are fiercely battling at this price level, which actually indicates that the direction hasn't been decided. Short-term hot money is fueling the surge, but how long can this heat last?

The old story in the crypto world is always the same: behind violent price pumps, the goal is usually not to make retail investors money but to create a false impression of entry points. The unrealized gains on the screen look tempting, but those who are quietly observing the market have already prepared for the possible turn.

The more seemingly sudden the rally, the more complex the script often is. This is not just a trading opportunity but also a moment to stay vigilant.