Algorand Price Surge

Algorand has rallied over 57% in the last 7 days before hitting a daily high of $0.29 on Monday, its highest level since March 4.

According to data from crypto.news, Algorand (ALGO) price hit a 5-month high of $0.289 on July 14. At press time, it was trading slightly lower at $0.27, still holding gains of 80% from its year-to-date low observed earlier in April.

Algorand rallied after third-party data emerged showing that Algorand’s network was gaining traction among users. According to Nansen, the number of transactions on Algorand jumped by 30% in the last seven days to 5.8 million.

Similarly, stablecoin supply on the network also saw a sharp increase, jumping by 94.23% to $134 million, with 98.3% of that in USD Coin (USDC), indicating increased capital flow and utility across its ecosystem.

The market for real-world asset tokenization on the Algorand network has also gained traction in recent months, particularly concentrated on Lofty, a tokenized real estate marketplace that has surpassed $89 million in TVL.

With momentum building, one analyst suggests that ALGO’s uptrend may have more room to run, projecting further upside of 55%.

In a July 15 X post, crypto analyst Ali Martinez noted that ALGO appears to be trading within a multi-month parallel channel. A decisive breakout from this formation could signal the beginning of a larger bullish wave, potentially paving the way for further price appreciation in the weeks ahead.

Martinez stated that a breakout will be confirmed if the ALGO price retests the breakout zone around $0.258. He has set lofty price targets as high as $0.42, which stands 55% above the current price level at the time of writing.

From a technical perspective, ALGO has formed a bullish double-bottom pattern on the daily chart, with a confirmed breakout above the neckline at $0.2604. The price has also decently moved above the 50-day and 100-day Exponential Moving Averages, further validating the trend reversal.

Simultaneously, momentum indicators like the Relative Strength Index and the MACD were all pointed upwards at press time.

If ALGO breaks through immediate resistance at $0.32, the next target lies at the 61.8% Fibonacci retracement level of $0.3642.

Read more: BTC pulls back to $117K—is the rally losing steam?

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