LayerZero Jumps 14% as $23M ZRO Token Unlock Nears
LayerZero (ZRO) rose 14% over the past 24 hours as daily trading volume climbed more than 31% to $29.75 million, signaling renewed demand.
On the 4-hour chart, ZRO traded around $1.06 at press time, extending a rebound that started from the $0.796 low. The move follows weeks of selling pressure that dragged price down from the $1.30 area. As downside momentum faded, buyers regained the $1.00 handle. The $1.00"$1.05 zone has now shifted from resistance to support.
Focus turns to the next supply-heavy area at $1.10"$1.15. Prior recovery attempts repeatedly failed there during the broader decline. A clean break above that band could set up a move toward the $1.30"$1.35 resistance zone. Failure to clear it may send price back to retest the newly reclaimed support, which bulls will need to defend to keep the rebound intact.
Network activity has not matched the pace of the price recovery. LayerZero has processed more than $200 billion in cross-chain volume, but daily usage remains below earlier peaks. Open Interest stands near $85 million, suggesting traders are returning without an outsized build-up in leverage.
Markets are also watching the June 20 unlock, which is set to add 25.71 million ZRO"worth roughly $23 million"to circulating supply. The added tokens could increase selling pressure, particularly with Bitcoin dominance elevated near 59%. If demand does not rise alongside supply, the unlock could slow the rebound and put renewed pressure on recently reclaimed levels.
On the daily chart, ZRO remains in a broader downtrend even as selling pressure appears to be easing. After holding support near $0.796, buyers pushed price back toward $1.08, improving the near-term setup. The next key resistance sits at $1.087"$1.092, where prior rallies faded. A daily close above that zone would strengthen the bullish case and bring $1.30"$1.32 into view. If price is rejected, downside risks remain, with $0.943 as the first major support. A break below that level would raise the chances of another test of the $0.796 low.
ZRO has retaken the $1.00 area, putting key resistance zones back in play. The next test will be whether rebound momentum can hold as LayerZero faces a meaningful supply increase from the June 20 token unlock.
