LayerZero's Rally Faces Selling Pressure as Traders Cash Out

LayerZero (ZRO) has seen a 12% surge in price, but the rally may be threatened by a significant amount of selling pressure in the market. According to data from CoinGlass, the perpetual market volume for ZRO has hit $279 million in the past day, with the Long/Short Ratio staying at 1.56, indicating that the volume is largely coming from long traders.

The buying activity in the market is led by Binance traders, who control the majority of the positions, with the OI-Weighted Funding Rate reaching 0.0066%, suggesting bullish positioning remains dominant. Data from CoinGlass shows that Binance traders are fully bullish on the price outlook, with a 4.47 Long/Short Ratio, while retail traders and smart money are also extremely bullish.

However, the selling pressure remains a major concern for ZRO's gains. Data from CoinGlass shows that traders have continued to cash out steadily from the market, with roughly $2.52 million in Netflow, indicating more selling than buying. This trend has continued over the last ten days, with roughly +$9.07 million in Netflow, confirming that sellers remain active in the market.