ZRO Token Surges Over 100% in a Month Amid ATLAS Buybacks and Unlock
LayerZero's ZRO token has surged more than 100% in the past month, reaching approximately $2.23 as of October 6. The rally, which began from a low of $0.99 in early September, has placed ZRO near key resistance levels at $2.34, $2.54, $2.73, and $2.93. The token's recovery has been supported by an ascending price channel and positive trading momentum, with the 4-hour relative strength index (RSI) currently at 69.10.
The recent price action has been driven by several factors, including the planned ATLAS buybacks and an upcoming token unlock scheduled for October 20. LayerZero announced ATLAS in August as a trading infrastructure built on its Zero blockchain, offering venues rebates and using a portion of fees to buy and burn ZRO. Additionally, Anchorage Digital's partnership with LayerZero to connect stablecoins across blockchains has added further credibility to the project.
Technical analysts remain bullish on ZRO's prospects. Pentoshi highlighted the token's substantial upside potential, while Captain Faibik noted a breakout above a long descending channel. However, for ZRO to reach $3, it must clear several resistance levels while maintaining its rising structure. A loss of the $1.94, $1.95 support area could weaken the bullish scenario ahead of the upcoming unlock.
The October 20 unlock will release approximately 23.63 million ZRO, representing about 5.93% of the circulating supply. This event could introduce volatility, but the current momentum suggests a continued upward trend if key resistance levels are overcome.