LayerZero Approaches 23.63 Million Token Unlock Amid Price Resistance

LayerZero's native token ($ZRO) has retreated from a session high of $2.483 to around $2.29, according to CryptoNews. The price action leaves the token sitting below daily resistance at $2.344 as markets approach an upcoming token unlock.

DefiLlama data indicates that 23.63 million ZRO tokens are scheduled for release on Oct. 20. The release comprises 10.63 million tokens allocated for core contributors and 13 million for strategic partners. Combined, the distribution accounts for 5.92% of the circulating supply, valued at approximately $54.1 million based on the $2.29 price level.

Technical Levels and Market Indicators

TradingView charts place the nearest daily resistance at $2.344, with subsequent levels at $2.539 and $2.734. On the downside, the nearest lower Murrey Math support level sits at $2.148, followed by the daily session low of $2.096 and a support reference at $1.953.

The 4-hour Supertrend indicator stands at $2.089, aligning closely with the daily low. Meanwhile, the Average Directional Index (ADX) reads 24.31, indicating trend strength without a directional bias. Chaikin Money Flow on the daily chart stands at 0.02, reflecting a modest positive volume-weighted reading.

Exchange Integrations and Institutional Adoption

Ahead of the unlock schedule, the ecosystem has integrated several platform transitions. Binance completed a token conversion on Oct. 7 at a ratio of one Stargate Finance ($STG) to 0.8634 ZRO, ending support for old STG deposits and withdrawals. KuCoin announced a similar conversion schedule on Oct. 10.

In institutional developments, Anchorage Digital selected LayerZero for interoperability to support stablecoin issuance, connecting the network to U.S. federally chartered crypto bank operations.

Key facts

• ZRO retreated from a peak of $2.483 to trade near $2.29.
• A token unlock of 23.63 million ZRO is scheduled for Oct. 20, representing 5.92% of the circulating supply.
• The unlock includes 10.63 million tokens for core contributors and 13 million for strategic partners.
• Daily resistance is positioned at $2.344, while immediate lower support sits at $2.148.