XYO rallied over 30% as the project filled a key strategic position ahead of its anticipated Layer-1 blockchain launch.
XYO rose to an intraday high of $0.0236, which is up 77% from its lowest point this week, while its market cap crossed $305 million as of press time. The altcoin’s trading volume surged 335% in the last 24 hours, exceeding $37 million, signaling an uptick in buying pressure.
The rally materialized as the broader crypto market dipped 3.9% over the past 24 hours. Bitcoin (BTC) was down 1.5% when writing, while other major altcoins, such as Ethereum (ETH), XRP (XRP), Solana (SOL), and Dogecoin (DOGE), all traded in the red, posting losses between 4-6%.
At its current price, XYO is up nearly 320% over the past year but remains 73% below its all-time high of $0.813, reached over three years ago.
Why is XYO soaring today?
XYO rallied after the project announced the hiring of Sky Wee as a strategic advisor. Wee, a Forbes Business Council member, an official influencer for Binance, and a managing partner at Elevate Ventures, ATF Capital, and Sky Ventures, will join the XYO advisory team to help guide the blockchain project ahead of the highly anticipated launch of its Layer-1 blockchain network set for Q1, 2025.
XYO price has also benefitted from the hype ahead of the launch. Dubbed ‘XYO Layer One’, the Layer-1 blockchain will feature multichain support and serve as the backbone of the XYO ecosystem. It will reportedly facilitate applications across various sectors, including AI models, blockchain tools, real-world asset management, and DePIN.
Investors have also shown interest in the altcoin following its recent listing on the Turkish crypto exchange Bitci. The platform has reportedly enabled trading for the altcoin with Turkish Lira and USDT pairs.
Additionally, speculation about a potential collaboration with electric car giant Tesla has been growing within the crypto community, with many anticipating the deal to be finalized today.
XYO price action
On the 1-day/USDT price chart, XYO has broken above the descending trendline formed from connecting the higher highs of the altcoins’ daily movements, which signals a strong bullish reversal from its recent downtrend.
The altcoin’s price has risen above the 50-day and 200-day moving averages, suggesting that bulls are dominating the market.
Further, the MACD lines and the Relative Strength Index reading have pointed upwards, which means XYO could continue its rally in the coming days.
Market commentators share similar expectations. According to ForkedThoughts, XYO has formed a perpendicular falling channel pattern over the past two months. They noted that if the altcoin manages to break above the upper boundary of the channel, it could rally to the $0.055–$0.066 range in the short term, with a more bullish target of $0.10–$0.20 by the end of the year.
At press time XYO was up 30%, exchanging hands at $0.0232 per coin.
