Zcash (ZEC) is currently trading near $225, having been in a downtrend since December of last year, with a 55% decline year-to-date. A bullish divergence is forming on the daily chart, similar to the pattern that preceded a 43% rally earlier this quarter. Key resistance is near the top of the channel, close to $280; a breakout above this resistance could point to $400, while failure to hold the $184 support level would invalidate the bullish outlook. Meanwhile, traders are directing funds toward emerging Bitcoin Layer 2 projects, such as Bitcoin Hyper ($HYPER), which has raised $32 million and offers sub-second finality.