Key Points
The digital currency, XYO, experienced a significant increase of over 30% following the strategic appointment of Sky Wee ahead of its forthcoming Layer-1 blockchain launch.
The altcoin reached an intraday high of $0.0236, marking a 77% rise from its lowest point this week.
Its market cap exceeded $305 million at the time of reporting.
The trading volume of XYO also spiked, witnessing a surge of 335% in the past 24 hours, surpassing $37 million, indicative of a rise in buying pressure.
Despite a 3.9% dip in the broader crypto market, XYO’s rally stood out.
Major altcoins like Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and Dogecoin (DOGE) all posted losses ranging from 4-6%.
XYO’s Surge Explained
The rally of XYO was triggered by the announcement of Sky Wee’s appointment as a strategic advisor.
Wee, a member of the Forbes Business Council, an influencer for Binance, and a managing partner at various ventures, will assist the XYO team in guiding the blockchain project.
The Layer-1 blockchain network launch, scheduled for Q1, 2025, is eagerly awaited.
The forthcoming launch, known as ‘XYO Layer One’, has also contributed to the altcoin’s price surge.
The Layer-1 blockchain will offer multichain support and serve as the XYO ecosystem’s backbone, facilitating applications across diverse sectors.
The altcoin has also gained interest from investors following its recent listing on the Turkish crypto exchange Bitci.
Speculation about a possible partnership with Tesla has further sparked interest within the crypto community.
On the 1-day/USDT price chart, XYO has broken above the descending trendline, signaling a strong bullish reversal.
The altcoin’s price has risen above the 50-day and 200-day moving averages, suggesting a bullish market.
Market indicators such as the MACD lines and the Relative Strength Index reading have pointed upwards, hinting at a potential continuation of XYO’s rally.
Market analysts share similar views.
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 the time of reporting, XYO was up by 30%, trading at $0.0232 per coin.
