LayerZero's token ZRO has continued its rebound in recent days. On-chain data shows that wallets associated with the project have once again transferred large amounts of tokens to Binance, but the price has not weakened significantly, indicating that the market is still digesting this selling pressure in the short term.
The relevant addresses continue to transfer coins to exchanges.
According to on-chain data, a wallet associated with LayerZero Mint MultiSig recently transferred 1.2 million ZRO tokens to Binance, worth approximately $1.13 million according to the article. This is part of the address's continuous transfers of tokens to exchanges over the past month.
The article states that the wallet received 2.345 million ZRO from LayerZero approximately one month ago, and has since transferred over 3 million ZRO to Binance, totaling about $3.4 million. Past transaction records also show that some of these tokens originated from wallets custodied by LayerZero and BitGo, thus raising concerns about continued distribution.
In addition, Spartan Group recently transferred 1.562 million ZRO tokens to address 0x56f, worth approximately $1.25 million according to the article. On-chain observers believe that this transfer may be related to over-the-counter trading, but neither Spartan Group nor LayerZero has publicly stated the purpose.
Price rebound and open interest rise in tandem
Despite continued large-scale transfers from addresses, the price of ZRO has rebounded from a recent low of around $0.75, accumulating a nearly 25% gain. In the past 24 hours, the token has risen by more than 10% and is currently testing resistance from a descending trendline that has persisted for several weeks.
Derivatives data also shows a recovery in market risk appetite. The article mentions that ZRO open interest has risen to approximately 67.1 million contracts, a high in recent weeks. This typically indicates new funds entering the market, rather than simply existing positions being closed out.
Meanwhile, the Relative Strength Index (RSI) rose to 67.1, reflecting increased buying momentum, but it is also approaching overbought territory. Looking at the price structure, ZRO has recently been forming higher lows, indicating that buyers have temporarily absorbed some selling pressure.
$0.95 becomes the short-term focus.
The current market focus is on the area around $0.95. The article argues that if the daily chart can close above this level and break through the downtrend line, the rebound structure will be further confirmed.
- $0.95: Short-term resistance, also near the downtrend line.
- $1.10 to $1.12: If it continues to break through, the next major resistance zone will be...
- $0.84: The first major support level in the current rebound structure.
If the price falls below $0.75 again, the recent rebound will weaken significantly. In the next few trading sessions, the market will continue to observe whether new positions continue to emerge and whether trading volume can support the price increase.
