LayerZero (ZRO) surged more than 11% in 24 hours, defying expectations after a massive 57.3 million ZRO transfer worth approximately $98 million was moved into BitGo-managed institutional custody. The market absorbed this potential supply shock with immediate buying pressure, driving the price higher without hesitation. This response signaled strong confidence, with follow-through buying persisting throughout the session and keeping the price elevated near its highs.
Technically, ZRO's daily chart presented a well-defined double-bottom recovery, defending the December lows near $1.20. The token reclaimed a key support zone between $1.75 and $1.80 and moved above the 50-day EMA, signaling improving trend alignment. The next significant resistance lies near $2.04, with a sustained push above potentially opening the path toward $2.60.
Derivatives data supported the constructive price action. Open Interest rose more than 25% to around $52 million, aligning with the price climb and indicating traders were adding new positions. Short liquidations dominated the rally, with total short liquidations reaching roughly $236,000 on January 21st, compared to only about $32,000 in long liquidations across exchanges like Binance, Bybit, and OKX.
Separately, Canton (CC) surged 13% to $0.1491 following its listing on the Swyftx exchange on January 21st. The listing expanded retail access and reinforced the project's institutional-grade narrative around privacy and interoperability. Canton continues to trade within a constructive cup-and-handle continuation pattern, holding firmly above a key demand base near $0.118–$0.120.
For Canton, Open Interest climbed 18.55% to $27.0 million, showing leverage expansion alongside the price strength. Binance top trader data shows long accounts controlling roughly 56%, indicating directional confidence. The liquidation heatmap reveals dense short-side liquidity stacked between $0.150 and $0.157, suggesting potential for further upside if these levels are breached, with a measured move target toward the $0.185–$0.190 zone.
