LayerZero's ZRO rose more than 22% in 24 hours, the biggest gain among the top 100 cryptos by market cap. The token now tests resistance at $2.50, while a monthly unlock of more than 25.71 million ZRO is due on October 20th.
LayerZero's ZRO is up more than 22% in the past 24 hours, leading all top 100 cryptos by market cap. Trading volume rose 184% to around $145 million, which AMBCrypto names as the main driver of the rally.
LayerZero's CBO points to network activity
The report ties the volume jump to network activity, as confirmed by Chief Business Officer Simonas Baksys. He said LayerZero controlled about 91.5% of cross-chain volume in September, and that the network does roughly $10-$15 billion of cross-chain value transfer in a given month.
According to the report, LayerZero powers asset issuers including PayPal's PYUSD, Paxos's Global Dollar Network, Ethena and Ether.fi assets, Tether and USDTO. In addition, User Application contracts reached 74,383, while Omnichain Fungible Tokens contracts hit 3,443, both new peaks.
ZRO tests the $2.50 resistance
The price is attempting to clear the resistance level at $2.50, in place since June. Before this breakout, ZRO was rejected eight times, and the price still needs a weekly candle close above the level.
The Accumulation/Distribution indicator shows traders buying more than 25 million ZRO. Meanwhile, the Trend Strength Index reads a bullish 0.75, with the next targets at $3 and above $3.50. Otherwise, the price may dip back below $2.50.
An October 20th unlock adds supply
However, the altcoin may face difficulties from a routine monthly unlock in eight days, which creates selling pressure through added supply. More than 25.71 million ZRO, worth $62.21 million, equal to 4.04% of the released supply, will reach the open market on October 20th.
Over 63% of the maximum supply has already been released.
Source: AMBCrypto
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