Binance Traders Fuel LayerZero's 12% Rally Amid Ongoing Selling Pressure

LayerZero (ZRO) has experienced a significant price surge of 12% in recent trading sessions, driven primarily by Binance traders. The increase in perpetual market volume supports this rally, with data from CoinGlass showing that long traders are dominating the market.

The total volume across the perpetual market for ZRO reached approximately $279 million in the past day, with a Long/Short Ratio of 1.56. This suggests that the majority of buying activity is coming from long positions.

According to CoinGlass data, Binance accounts for the largest portion of trading volume among all exchanges, with over 32% of total volume coming from this platform. Traders on Binance are overwhelmingly bullish on ZRO's price outlook, with a Long/Short Ratio of 4.47 and buying volume at 1.57.

However, despite the strong buying activity, liquidation data indicates that traders have lost around $74,380 in the past 24 hours, compared to short traders' losses of $47,500. This suggests that selling pressure remains a risk to ZRO's gains, particularly given the recent trend of steady cash-outs from the market.