@rrozinaalii
Welcome to NGA!
I agree with Tiffany
@purpleinopp and
@CalPolygardener, it needs to be set deeper so it can root above that damaged zone. There are root initials trying to develop above the damaged zone zone already, I drew white arrows to them. The white lines mess on the lower right is just marking the top of the damaged zone. Looks like it needs to have about 2" covered above the top of the wound.
Is the other side of the trunk OK? Not shrunken and dry like the side showing? That would be good but not essential. If a dicot was girdled all around, as dead as this zone, the top would die. But monocots have diffuse vascular bundles throughout the stem, so they can survive it providing the inside tissues are OK.
Pat