Root Network Token Defies Market Slump With 48% Rally—Here’s What’s Fueling It

A blockchain interoperability project just mooned while blue chips bled. Root Network’s native token (ROOT) ripped 48% in 24 hours as traders piled into its cross-chain messaging protocol—proving once again that crypto markets reward the obscure over the obvious.

Behind the surge: Root’s flagship ’AnyTrust’ bridges finally went live after 11 months of delays. The tech lets Ethereum dApps tap Solana’s speed without those pesky wrapped tokens. Devs are calling it ’IFTTT for blockchains’—if IFTTT charged 0.3% per transaction.

Market impact? ROOT’s trading volume spiked 600% as arbitrage bots exploited pricing gaps across newly connected exchanges. Meanwhile, Bitcoin maximalists grumbled about ’yet another L2 band-aid’ while secretly aping in. The rally pushed ROOT to $1.92—just shy of its $2.05 all-time high from the 2023 hype cycle.

Word to the wise: These interoperability plays always pump hard... before the bridge exploits drain them harder. But hey—at least it’s not another memecoin.

The Root Network also experienced a wave of fear of missing out, as the total number of holders climbed to nearly 10,000, up from 8,830 in January. It’s common for retail traders to pile into a surging token, expecting the rally to continue.

Whales also joined the buying frenzy, with the total supply held by these large investors increasing to 11.9 billion tokens, up from 10 billion last week.

Root Network is a layer-1 blockchain focused on gaming and the metaverse. It has attracted developers and forged notable partnerships, including Ripple, Warner Bros, Reebok, and Tencent. Some of the most popular games in the ecosystem include Reebok Impact, The Third Kingdom, and OPEN.

Root Network price analysis

The eight-hour chart shows that ROOT bottomed at $0.0034 on Sunday before going parabolic and hitting its highest level since March. This rebound followed the formation of a falling wedge pattern, consisting of two descending and converging trendlines.

The Relative Strength Index has jumped to an extremely overbought level of 85. Therefore, while the rally may continue, there is a strong likelihood of a pullback, possibly retesting the upper side of the wedge at $0.0043 as investors take profits.