XYO has experienced a significant rally of over 30% following a key strategic move by the project ahead of its anticipated Layer-1 blockchain launch. The altcoin reached an intraday high of $0.0236, marking a 77% increase from its lowest point this week. With a market cap surpassing $305 million and a trading volume that surged by 335% in the last 24 hours, XYO is showing signs of increased buying pressure amidst a broader crypto market dip of 3.9%.
While Bitcoin and other major altcoins like Ethereum, XRP, Solana, and Dogecoin are trading in the red with losses ranging from 4-6%, XYO’s performance stands out. Despite being 73% below its all-time high of $0.813, XYO has seen a remarkable 320% increase over the past year.
The recent surge in XYO’s price can be attributed to the hiring of Sky Wee as a strategic advisor. Wee, a prominent figure in the crypto space, will join XYO’s advisory team to provide guidance as the project prepares for the launch of its Layer-1 blockchain network in Q1, 2025. The upcoming network, known as ‘XYO Layer One’, is expected to support multichain functionality and play a crucial role in the XYO ecosystem’s development.
In addition to the strategic hiring, XYO’s listing on the Turkish crypto exchange Bitci has also attracted investor interest. The platform now offers trading pairs for XYO with Turkish Lira and USDT, further boosting the altcoin’s visibility and accessibility.
Furthermore, rumors of a potential collaboration with Tesla have been circulating within the crypto community, adding to the excitement surrounding XYO. Many are eagerly awaiting an official announcement that could potentially drive the price even higher.
Technical analysis of XYO’s price action shows a bullish trend, with the altcoin breaking above key resistance levels and moving averages. The MACD lines and Relative Strength Index are both pointing upwards, indicating further potential for a continued rally in the coming days.
Market commentators are optimistic about XYO’s future prospects, with some predicting price targets in the range of $0.055–$0.066 in the short term and even higher targets by the end of the year.
As of the latest data, XYO is trading at $0.0232 per coin, up 30% from previous levels. With positive developments on the horizon and a strong technical outlook, XYO is positioned for further growth in the near future.