Zcash (ZEC) is under significant selling pressure, testing crucial support around $361. The cryptocurrency is trading near $363 after losing key support zones, with potential further declines to $320–$300 if the current level fails to hold. Derivatives activity has decreased, with open interest dropping as traders reduce their exposure. On-chain data indicates a $39.34 million net outflow, highlighting distribution pressure. Additionally, governance concerns have resurfaced, with Vitalik Buterin criticizing token-based governance models and their potential impact on privacy. Market participants are closely monitoring whether ZEC can stabilize or continue its downward trajectory.