Zcash has surged nearly 700% since January, yet Real Vision’s Raoul Pal warns it may be a short-term rotation rather than a sustained bull market. Over the past month, ZEC has fallen roughly 37%, highlighting the need for the token to establish a solid base before investors can confidently call it a long-term uptrend.

Pal notes that momentum may slow until a clear floor price is confirmed, and he prefers waiting for the next down cycle before buying. This caution reflects broader market uncertainty, as privacy coins like ZEC often react sharply to both hype and institutional activity.