LayerZero's ZRO token surged 14.42% to around $1.16, approaching a key resistance at $1.20, supported by a 15.46% rise in trading volume to $115.9 million. The price rally was backed by increased derivatives open interest, up 15.75% to $126.33 million, indicating strong leveraged trader participation. Binance top traders showed a bullish bias with nearly 80% long positions, reinforcing the positive momentum. Technically, ZRO broke out of a descending channel and surpassed the $1.00 resistance turned support, but the RSI at 81.23 signals overbought conditions, suggesting a potential near-term pullback. Holding above $1.00 is crucial to maintain the breakout and further gains depend on price confirmation above $1.255 resistance.
