Algorand [ALGO] Defies Market Trend With Impressive Price Surge, Attracting Whales and Investors

Amidst the price correction phase, Algorand [ALGO] is making a wave across the market with an impressive price surge. As of press time, ALGO has emerged as the third-largest gainer

Algorand [ALGO] has emerged as a standout performer amid the broader market price correction, attracting attention with an impressive price surge. At press time, ALGO ranked as the third-largest gainer.

The altcoin boasted an impressive price increase of over 12% in the past 24 hours, currently trading at $0.298. Notably, its trading volume also surged by 75% during the same period.

Data from the on-chain analytics firm Coinglass highlighted a significant increase in the altcoin’s open interest (OI), indicating strong participation from traders.

According to the data, traders rapidly increased their positions—OI up by 7.5% in the past 24 hours and 4.2% in the past hour.

In addition to the rising OI, Coinglass’s ALGO spot inflow/outflow highlighted strong participation from traders. Moreover, whales and investors have been consistently accumulating the token since 23 November, 2024.

This sustained interest from traders and investors has played a crucial role in enabling ALGO to largely remain unfazed by the broader market price correction.

Algorand technical analysis and upcoming level

Expert technical analysis revealed that ALGO is currently consolidating within a tight range, encountering strong resistance at $0.25 and $0.30.

Based on the altcoin’s daily chart, the price has been consolidating within this range for four days.

The current sentiment for ALGO is largely bullish, driven by the evident interest from investors and traders, which could collectively propel the altcoin to breach this resistance level.

According to historical price momentum, if ALGO breaches this level and closes a daily candle above $0.32, it could surge by 40% to reach $0.45 in the coming days.

On the positive side, the altcoin is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend. However, its Relative Strength Index (RSI) suggests a possible price correction as it is currently in overbought territory.

Combining these on-chain metrics with technical analysis suggests that bulls are strongly positioned to drive the asset’s price and could soon overcome this significant resistance.