The XYO Network price has increased by 30% over the past 14 days despite experiencing a correction over the weekend. According to CoinGecko data, after hitting a weekly high of $0.02369, the Solana-based DePIN token has pulled back to $0. 01943 at press time.
Over the past year, the XYO Network price has increased by over 233%, indicating a robust market interest, possibly driven by fundamental and speculative factors surrounding the token.
The Catalysts Behind the Recent XYO Network Price Surge
Several developments have contributed to the recent XYO token price surge over the past few weeks.
Among the notable catalysts is the recent appointment of Sky Wee as a Strategic Advisor. According to XYO, “Sky brings unmatched expertise in partnerships, driving mass adoption, and scaling Web3 projects,” being “a Forbes Business Council Member, Official Binance Influencer, Managing Partner at Elevate Ventures, ATF Capital & Sky Ventures, and more.“
There is also the excitement surrounding the upcoming launch of XYO’s own Layer-1 blockchain dubbed XYO Layer One.
According to a recent blog by XYO, the layer 1 blockchain promises to facilitate applications across various sectors, including AI models, blockchain tools, real-world asset management, and Decentralized Physical Infrastructure Networks (DePIN).
Fundamentally, XYO Network has established itself as a major player in the DePIN space. With over eight million nodes, it is one of the largest networks of its kind.
The technology behind XYO, including proof-of-location and proof-of-origin, allows smart contracts to interact seamlessly with real-world data, which could revolutionize sectors like logistics and eCommerce.
In addition, unconfirmed rumors of a potential partnership with Tesla have injected additional enthusiasm into the market. Although these rumors remain speculative, they originate from a post by Scott P. Scheper in December 2024.
Technical Analysis: A Breakout Towards $0.55 Could Be Imminent
From a technical standpoint, the daily XYO price chart shows an asymmetrical triangle pattern, signaling a period of consolidation.
While an asymmetrical triangle could precede either a bullish or bearish breakout, the XYO price will likely break out, leading to another bull run similar to the one experienced between November 19, 2024, and December 3, 2024.
From January 25, the market has been trending upwards, forming higher lows and higher highs, indicating a bullish sentiment.
The main resistance level to watch is $0.022. It has been tested seven times, suggesting that the market is poised for a significant move if this barrier is broken.
If the resistance is cleared, analysts and traders are eyeing short-term targets between $0.055 and $0.065, which could see the token’s value double or even triple from its current level.
Long-term projections suggest that XYO might reach between $0.10 and $0.20 by the end of the year, with an ambitious upper target of $0.36 based on Fibonacci extension levels.
Conversely, a bearish breakout could occur if the price drops below the support level of around $0.015.
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