LayerZero faces price pressure amid Selini Capital ZRO deposits

LayerZero (ZRO) has experienced significant downward pressure, recently dropping below its 200-day exponential moving average (EMA) to a low of $1.04. The asset has underperformed other major cryptocurrencies, recording a 13% decline on weekly charts and a 35% drop in trading volume to $38 million.

Despite the price decline, institutional activity has been noted as Selini Capital deposited 2 million ZRO, valued at approximately $2.18 million, onto Binance. This follows the receipt of 2.1 million ZRO from a multisig wallet. While these exchange deposits can indicate potential selling pressure following the end of a lock-up period, data suggests a counter-trend among large holders.

Spot netflow has remained positive for four consecutive days, indicating that ZRO is leaving exchanges. Data from CryptoQuant shows significant whale activity, with large orders emerging in the $1.00 to $1.10 range, suggesting that major holders may be accumulating the token at these price levels.