ZEC’s price surged in the past 24 hours after the US Securities and Exchange Commission (SEC) notified the Zcash Foundation that it does not intend to recommend any enforcement action against the project.
Data from CoinCodex shows the privacy token’s price jumped over 5% in the past day of trading to trade at $438.44 at the time of writing.
The 24-hour gain added to the crypto’s positive weekly performance. As a result, the price of Zcash is up over 10% on the longer-term weekly time frame.
SEC Drops Investigation Into Zcash Foundation
The jump in ZEC’s price comes after the Zcash Foundation said the U.S. SEC has formally closed its review into the organization, bringing an end to a probe that began more than two years ago.
In an announcement on Wednesday, the nonprofit revealed it had received a subpoena from the SEC on Aug. 31, 2023, tied to an inquiry titled “In the Matter of Certain Crypto Asset Offerings (SF-04569).”
According to the foundation, the agency has now notified Zcash’s governing body that it does not intend to recommend any enforcement action or require any changes as a result of the review. The decision effectively clears the foundation of concerns related to the inquiry, which fell under the SEC’s broader scrutiny of crypto asset offerings and disclosures.
The Zcash Foundation said the outcome underscores its “commitment to transparency and compliance with applicable regulatory requirements,” adding that its mission remains unchanged.
The organization, which supports the development of the privacy-focused cryptocurrency ZEC and its surrounding ecosystem, said it will continue advancing privacy-preserving financial technology for public benefit.
Analysts Split on ZEC’s Next Move
Following Zcash’s price surge, analysts are divided on what the altcoin will do next.
Daniel Ramsey is among those expecting further upside. In an X post today to his more than 12K subscribers, the analyst noted that a “Bullish Pennant” has formed below a “major supply zone” on the token’s chart.
The analyst subsequently predicted that ZEC “is preparing [for] a huge breakout.”
Pseudonymous trader and analyst “Broke Doomer” echoed the same sentiment in a recent post to his more than 187K followers.
“Easy cook $ZEC looking bullish to me rn,” the analyst said. Broke Doomer added that once ZEC breaks its current zone, the altcoin will rally beyond expectations.
But not all analysts are ready to chase the move. Crypto Tony, who has an audience of more than 560K followers, struck a more cautious tone. Rather than buying into the strength, the trader appeared content to wait on the sidelines for a deeper pullback.
He highlighted the $290 level as an attractive entry point, calling a drop toward that area a “good load up opportunity” for traders looking for a more favorable risk-to-reward setup.
