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The LayerZero price pumped 6% in the last 24 hours to trade at $2.9 as of 1:10 a.m. EST, with trading volume skyrocketing 56% to $98.4 million.
LayerZero Price On A Sustained Bullish Breakout
The ZRO price chart indicates that the token has successfully broken out of a falling channel, a pattern that has been dominating its price action for the past few months. A falling channel is a bullish reversal pattern, as it often signals a weakening downtrend and a potential shift towards an uptrend once the price breaks above the upper boundary.
Following the breakout, the LayerZero price has stabilized above the 50-day Simple Moving Average (SMA), which is a positive sign.
However, the price of LayerZero remains below the 200-day SMA at $3.987, which acts as a major resistance level, according to GeckoTerminal data. If ZRO can push above this long-term resistance, it could signal a stronger bullish trend reversal.
The Relative Strength Index (RSI) is currently at 54.70, which is in the neutral zone. This suggests that ZRO is neither overbought nor oversold, leaving room for further upside movement. If the RSI rises above 60-70, it could confirm strong buying pressure.
Meanwhile, the blue Moving Average Convergence Divergence (MACD) line is above the orange signal line, indicating that the momentum is currently bullish. Additionally, the histogram is in positive territory, reinforcing the possibility of further price gains.
ZRO Price Prediction
The ZRO price has successfully broken out of the falling channel and is now trading above the 50-day SMA, suggesting that the downward momentum has weakened.
If ZRO maintains its position above $2.60, it could test the next resistance levels at $3.00 and $3.50. A decisive break above the 200-day SMA at $3.98 would signal a complete trend reversal and could push the LayerZero price towards $4.50 – $5.00 in the coming weeks.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says might soar 10x after launch.
Solaxy Presale Closing On The $30 Million Mark
Solaxy, a new layer-2 scaling solution for Solana, has raised more than $28.6 million in its presale.
The project aims to address Solana’s network congestion issues by implementing off-chain processing mechanisms similar to Ethereum’s layer-2 solutions. This model has already been proven successful in scaling a blockchain through platforms like Arbitrum and Optimism.
By processing transactions off of Solana’s main chain, bundling them together, and submitting them to the mainnet for final verification, Solaxy’s system enhances efficiency.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
This approach directly addresses one of Solana’s biggest challenges: network congestion.
Once launched, Solaxy will also provide a platform where developers can build decentralized applications or launch new tokens without compromising Solana’s layer-1 capabilities.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00168 each using BNB, ETH, USDT, or a bank card.
Solaxy also offers holders who stake SOLX a huge annual yield of 143%.
Interested investors will want to buy SOLX before the next presale price hike in 32 hours to secure the best deal.
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