Hyperliquid’s native token, HYPE, pushed to a fresh all-time high near $63 on Thursday, while Zcash (ZEC) also continued working its way toward its current record levels.
HYPE’s momentum has been especially strong over the longer view compared to its market peers, recording about a 45% gain on the monthly time frame. Zcash has been running even hotter, with a 108% rise over the same period.
That performance has carried both assets closer to the top of the overall cryptocurrency rankings by market capitalization. HYPE has climbed to the 11th largest position, while ZEC is in 13th place.
Downside Odds Rising For HYPEDespite the pullback, the more cautious note came from technical analyst Ali Martinez, who warned that both tokens may be entering areas where the probability of downside increases.
According to Martinez, the last two TD Sequential sell signals on HYPE occurred when the Relative Strength Index (RSI) and the Chande Momentum Oscillator were also at overheated readings. Those setups, he noted, were followed by meaningful corrections.
Zcash Could Retrace Toward $380Zcash’s setup, in Martinez’s view, looks structurally similar. He said ZEC has surged more than 40% over the past week and is now moving into the same general resistance area that previously produced a major rejection back in November, around the $700–$730 range.
In addition, he said momentum indicators are starting to look stretched again, and if the weekly sell signal confirms, the correction could end up being larger than traders might expect from a typical pullback.
Martinez outlined potential downside areas for Zcash if the bearish signal develops. He named an initial downside zone around $500, followed by a deeper retracement target near $380.
His overall conclusion is that while both HYPE and Zcash remain in strong uptrends, the market conditions around current levels suggest risk is rising.
Featured image created with OpenArt, chart from TradingView.com
