LayerZero (ZRO) price has increased by 13.65% in the past 24 hours, days after the LayerZero Foundation announced the end of ZRO airdrop claims and revealed that it would reallocate unclaimed tokens to its active users.

With the shift in distribution strategy, the omnichain interoperability protocol is sparking new excitement among investors in the market. But what does this mean for the price of ZRO in the near future?

LayerZero Foundation Gives Big Investors Reasons to Buy

On September 20, the LayerZero Foundation announced that the period to claim the first ZRO airdrop had ended. The statement noted that unclaimed tokens would be redistributed. This action is in line with CEO Bryan Pellegrino’s revelation in June, which already hinted at the recent decision.

However, this time, the project is allocating tokens only to active users who claimed ZRO during the first airdrop and transacted on the network afterward. Following this development and the surge in LayerZero’s price, the cryptocurrency has seen an increase in the number of addresses in profit and those that have reached the breakeven point.

Read more: What are crypto airdrops?

According to IntoTheBlock, 7,750 addresses represent 80.39% of the total ZRO holders that are now in profit. 11.85%, around 1,140 addresses, have reached breakeven, while only 7.76% are holding ZRO at a loss.

While ZRO is currently priced at $4.76, the increase in profitable addresses could encourage more investors to buy the token. If that happens, this second airdrop could further boost the altcoin’s price. Consequently, this could also offer a contrasting outcome to the first airdrop, which caused a 22% drop in LayerZero’s price.

LayerZero Historical Equilibrium Price. Source: IntoTheBlock

Data from Santiment reveals that crypto whales have been increasing their ZRO holdings in recent days. Specifically, whales with 10 million to 100 million tokens accumulated an additional 10.26 million ZRO. Additionally, those in the 1 million to 10 million category purchased around 300,000 additional tokens.

If this trend continues, LayerZero’s price could continue to rise, possibly bringing it closer to its all-time high as demand strengthens among influential holders.

LayerZero Whale Accumulation. Source: Santiment

Price forecast

As ZRO price surged to $4.76, the daily chart shows a notable rise in the Chaikin Money Flow (CMF), which indicates whether an asset is undergoing accumulation or distribution.

When the CMF is above zero, investors are buying, and the uptrend will continue. However, if the indicator falls below the mentioned threshold, it implies that selling pressure has prevailed, and a decline may be imminent.

Read more: How to make money with cryptocurrencies

Furthermore, the surge in CMF lends more credence to a further rise in ZRO price, indicating that the token’s price could challenge its all-time high and reach $5.60.

However, failure to break above $4.99 could invalidate this thesis. In this scenario, ZRO could see a pullback to $3.83.

LayerZero Daily Price Analysis. Source: TradingView

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