XYO has collected over 30% as the project filled a key strategic position ahead of the expected launch of the Layer 1 blockchain.
Xyo is up 77% from its lowest point this week, but its market capitalization was over $305 million at press time. Altcoin's trading volume has skyrocketed 335% over the last 24 hours, exceeding $37 million, indicating an increase in purchasing pressure.
The rally came true as the broader crypto market fell 3.9% in the last 24 hours. Bitcoin (BTC) fell 1.5% at the time of writing, but other major Altcoins such as Ethereum (ETH), XRP (XRP), Solana (SOL), and Dogecoin (Doge) all traded in red, and 4- Post 4-4-Posing loss. 6%.
At current prices, Xyo has risen nearly 320% over the past year, but is 73% below the all-time high of $0.813, which reached more than three years ago.
Why is Xyo soaring today?
Xyo recovered after the project announced its employment as Sky Wee's strategic advisor. Wee, a Forbes Business Council member, official influencer of Vinance and managing partner of Elevate Venture, ATF Capital and Sky Venture, has joined the XYO Advisory team and is ahead of the highly anticipated launch of the Layer. We will help you instruct blockchain projects. -1 Blockchain network set up for Q1, 2025.
Xyo Price benefits from the hype ahead of its launch. The Layer-1 blockchain, known as “xyo layer one,” features multi-chine support and acts as the backbone of the xyo ecosystem. It reports that applications in a variety of sectors will be promoted, including AI models, blockchain tools, real-world asset management, and Depin.
Investors have also expressed interest in Altcoin, following a recent list on Turkish crypto exchange Bitci. The platform reportedly enabled Altcoin trading with Turkish lira and USDT pair.
Furthermore, speculation about a potential collaboration with electric car giant Tesla has grown within the crypto community, with many expecting it to be completed today.
XYO Price Action
On the 1-Day/USDT price chart, XYO outperforms the descending trendline formed from connecting daily movements of Altcoins, which show a strong bullish reversal from the recent decline.
Altcoin prices have risen above the 50- and 200-day moving averages, suggesting that the Bulls dominate the market.
Furthermore, the readings for the MACD line and relative strength index are facing upwards. This means Xyo can continue their meeting in the next few days.
Market commentators share similar expectations. According to ForkedThoughts, Xyo has formed a vertical falling channel pattern over the past two months. They pointed out that if Altcoin breaks past the channel limit, it could rise 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 .
Xyo increased by 30% on press, exchanging hands for $0.0232 per coin.
