LayerZero Surges to Six-Month High, $4B in Transfers Fuel Rally

LayerZero (ZRO) has reached a six-month high of $2.14, up 15% on the daily charts, after bouncing back from a low of $1.70. The surge in price can be attributed to the cross-chain activity, which drew renewed market attention. In a single-day record, $4 billion in transfers took place, with one wallet accounting for approximately 90% of the daily cross-chain transfer record.

The concentration of activity in one wallet raises questions about the sustainability of the momentum. Can broader usage sustain the rally, or is the current price driven by a few large holders? The LayerZero price structure remains bullish, with higher lows forming along rising support. The Relative Strength Index (RSI) climbed to approximately 79, indicating overbought territory.

Buyers retain strong momentum, but the elevated RSI leaves room for a pullback. If buying persists, LayerZero could hold $2 and target $2.20, with $2.50 as a medium-term objective. However, exchange inflows could complicate this path if deposits translate into selling. A loss of $2 could bring the $1.70 support back into focus.