If buying pressure holds, bulls will likely target $1.50, riding multiple bullish catalysts.
Tezos (XTZ) is among the altcoins showing signs of a potential rally as a 4.4% uptick in the past 24 hours helps bulls hold price above a key level.
While broader market sentiment remains fragile, Tezos’ price could benefit from increased on-chain activity and growing interest from developers and investors.
In particular, the XTZ price has shown resilience as Tezos records notable DeFi growth.
Latest market data highlights a more than 4% increase in Tezos’ price over the past day, with this coming as buyers pile up near the $0.60 level.
Bullish sentiment even helped buyers retest the 0.62 mark.
Last week, the Tezos team shared details of key ecosystem metrics that showed growth.
Among these, Etherlink’s Total Value Locked (TVL) had increased to over $70 million, while Tezos DeFi TVL surpassed $36.7 million.
The blockchain network saw a 22.5% quarter-over-quarter growth in value, while Etherlink processed over 20.5 million transactions.
Highlighting EtherLink as key to Tezos’ future scaling, blockchain analytics platform Messari noted:
“I think we can agree that these numbers aren’t random spikes, they reflect a deliberate strategy. Most new integrations, liquidity programs, and incentives are being launched directly on Etherlink because it represents the future of Tezos’ scaling, the first runtime of the canonical rollup model.”
Messari published the report in late September.
Notably, the robust network activity has come amid user adoption across key protocols such as Curve, Superlend, Midas, Youves, and Sirius.
The surge in TVL and transaction volume suggests that builders are actively expanding within the Tezos ecosystem, a factor that could bolster investor confidence and help XTZ price.
Currently, XTZ price hovers near $0.59, with a 24-hour gain of over 3.3%.
Data shows the altcoin’s value has slightly dipped from intraday highs of $0.62.
However, bulls are trying to keep bears from revisiting the intraday lows of $0.57.
From a technical point of view, Tezos is hovering near the resistance line of a falling wedge pattern.
Bulls have retested the area around $0.70 in recent weeks, and bouncing to this zone could allow for continuation to the $1.20 to $1.57 range.
The daily RSI is indicating a potential divergence. As of writing, the RSI is sloping near the neutral mark.
XTZ gains to $0.62 amid rising volume, suggesting buyers are eyeing a potential extension of the upside flip.
