LayerZero [ZRO] gained more than 22% over the past 24 hours, leading gains among the top 100 cryptocurrencies by market cap. The rally coincided with a 184% increase in trading volume to approximately $145 million.
According to LayerZero's Chief Business Officer Simonas Baksys, the surge reflects heightened network activity. The protocol controlled roughly 91.5% of cross-chain volume in September, processing between $10 billion and $15 billion in monthly cross-chain value transfers.
LayerZero powers several major asset issuers, including PayPal's PYUSD, Paxos' Global Dollar Network, Ethena and Ether.fi assets, and Tether. User Application contracts reached 74,383 while Omnichain Fungible Token contracts hit 3,443.
Price action and resistance levels
ZRO is attempting to clear a resistance level at $2.50 that has held since June. The Accumulation/Distribution indicator shows traders purchasing the token, with over 25 million ZRO accumulated. The Trend Strength Index reads 0.75, suggesting bullish momentum. If the resistance breaks decisively, analysts identified targets at $3 and above $3.50.
Token unlock concerns
The rally faces potential pressure from a scheduled token unlock in eight days. On October 20th, 25.71 million ZRO—valued at approximately $62.21 million and representing 4.04% of released supply—will enter the open market. This follows previous unlocks, with over 63% of maximum supply already in circulation.
