DoubleZero (2Z) surged over 29% in the past 24 hours, leading all top 200 cryptocurrencies by market cap during a broader market rebound. The rally broke above key resistance at $0.075, with technical indicators showing strong buying momentum. However, a massive token unlock scheduled for October 2nd—1.77 billion 2Z worth over $124 million—could cap further gains.
DoubleZero (2Z) rallied more than 29% in the past 24 hours, leading gains among the top 200 cryptocurrencies by market cap amid a broader market rebound. The daily surge cleared liquidity clusters above equal highs of $0.060, amplifying the move past $0.075.
The cumulative volume delta (CVD) showed 19.57 million 2Z tokens bought at the hour of the press, confirming ongoing buying activity. The Stochastic Momentum Index was trading around maximum levels. If the bullish action continues, the next price targets are at $0.095 and $0.120, but 2Z must stay above $0.075. The altcoin’s downside risk extends to $0.050, the level where the trendline was broken.
As the price rallied, open interest jumped 113%, indicating bullish positioning, while volume rose 107% to surpass $50 million. Data from CoinGlass showed $2 million in cumulative long liquidation leverage compared to $955,000 in short orders.
Institutional activity also accelerated. Fireblocks sent 1.452 million 2Z tokens worth $102,000 to BtcTurk’s cold wallet, suggesting accumulation. The market maker Wintermute moved tokens to Bybit’s hot wallet, and Binance shifted tokens across wallets, potentially for liquidity. Upbit transferred over 14 million 2Z—worth more than $800,000—across multiple hot wallets, likely for position management. Provided institutions avoid a selling spree, 2Z could continue pumping.
A significant risk looms on October 2nd, when approximately 1.77 billion 2Z—worth over $124 million and representing 17.79% of the maximum supply—will hit the market. This will bring the circulating supply to 51% from the current 65% locked. The majority of the vested tokens were allocated to Jump Crypto, Malbec Labs, and other institutions and contributors. This massive selling pressure from the token unlock could cap the uptrend that has been in place since September 16. Traders need to watch the token’s performance in the coming week to anticipate the impact of the upcoming release.
