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ZEC On Thursday, Zcash extended its gains to approach $580 and was gradually approaching the upper edge of a long-running price channel after holding mid-track support earlier this month.
ZEC is trading close to US$565, up about 1.5% in 24 hours and nearly 24% in the past seven days. The token fluctuated between approximately US$519 and US$581 during the latest trading session, with daily trading volume close to US$540 million and a market value of approximately US$9.5 billion.
Cryptocurrency analyst Ali Martinez has set the next major resistance level at US$675 to US$680, where the upper edge of the rising channel meets the current trend. If buying momentum continues, this level represents a potential technical target and is not a conclusive price forecast. 
The latest round of gains has allowed ZEC to break through multiple resistance areas that previously limited its June rebound. The bulls recovered the $475 to $485 range, broke through $520, and briefly tested $580, outperforming the entire cryptocurrency market.
The rebound in the mid-track drove a 35% gain
This rise stems from the technical form previously proposed by Martinez-ZEC has successfully rebounded from the mid-track of the channel. When the rebound was reported on July 5, ZEC was trading at around $419, meaning the latest price was about 35% above the mid-track support test.
Previous price analysis of Zcash identified US$680 as the channel's upper track target, while viewing the middle track as the dividing line between continued gains and deep pullbacks. ZEC held on to this support level during subsequent pullbacks, and then accelerated to break through $500.
The $580 to $600 area is currently between spot prices and Martinez's channel target. ZEC once hit a 24-hour high of more than $580, but has not achieved a continuous breakthrough in the latest market inspection.
If it rises to US$675, it means an increase of about 19% from US$565. The target is also close to the $700-$730 rejection band-a range that prevented ZEC's gains in May and triggered a large number of profit-taking.
Ironwood upgrade supports recovery trade
ZEC price recovery coincides with preparations for Ironwood's upgrade. The network upgrade aims to introduce a new shield pool and restore independently verifiable supply control mechanisms following the Orchard vulnerability disclosed in June.
Zebra 6.0.0 released by the Zcash Foundation adds stable mainnet support for Ironwood and sets the activation block height to 3,428,143. The upgrade is expected to activate around 13:00 UTC on July 28, provided that miners, exchanges, wallets and node operators complete software updates.
