#数字货币市场洞察 Whale Standoff at the Edge of Survival

On Hyperliquid, a ZEC short whale is in deep trouble—currently sitting on an unrealized loss of $1.4 million. This isn’t a small matter; that’s like smashing a luxury car. He had been continuously adding to his short position, but got caught off guard by the recent rebound, forcing him to cut some positions to reduce pressure. However, there’s still a $25.7 million short stuck in his account, hanging over him like a looming risk.

Interestingly, his liquidation price is set at $886, which is still a long way from the current price. This suggests his risk defenses are still holding, and he’s not completely cornered. Even more notable, this whale is also shorting ETH and MON—and those positions are profitable. So this isn’t a blind bet, but rather a misjudgment on a specific coin.

For retail investors, a whale getting trapped usually signals two possibilities: either a sign of a market reversal, or a sharp price surge if he’s forced to close his position.

Technically, $ZEC is hovering around 396. The 420 level is a clear resistance above, while 370 is key support, and below that, 320 is the next line of defense. The 1-hour chart still shows a downward trend, but the MACD has formed a bullish crossover above the zero line—this kind of contradiction reflects the current market confusion.

In the short term, there’s both technical and capital motivation for a rebound toward 420. But if trading volume doesn’t follow through and price can’t hold above this level, the rebound could quickly reverse and retest 370. The chance of a direct drop to 320 tonight is low, unless there’s sudden major negative news.

The key is to watch the whale’s next move—will he keep holding on, or cut his losses and sell? That decision often becomes the fuse for the next wave of market movement.