Algorand (ALGO), IVY Live (IVY), and Phantom: Latest Updates and Market Performance

In this article, we look at the latest updates on prices and the news that sees them as protagonists.

The price of Algorand (ALGO) has experienced a notable decline, catching the attention of traders and investors. After reaching a multi-year high of $0.613 at the beginning of the month, the price has now dropped to $0.371, indicating a significant trend reversal.

This decline is accompanied by several market dynamics that influence the overall sentiment. Interestingly, there has been an increase in active addresses, which have almost doubled in just 24 hours, rising from 104,000 to 190,000.

This increase could be attributed to both traders liquidating their positions to minimize losses and new operators entering the market to capitalize on the speculative price movement.

However, despite the growing activity, the sentiment has not improved, as the profitability of active addresses has sharply declined from 57% to 16% in just two weeks.

This decrease suggests that many participants in the previous rally are now selling to either limit losses or preserve profits, contributing to the bear sentiment.

An analysis of the technical indicators also highlights increasing selling pressure. Indicators such as the Chaikin Money Flow (CMF) and the on-balance volume (OBV) reflect a predominance of sales over purchases, with the price moving within a descending channel.

A violation of the lower line of the channel could lead to further declines, while a break above the resistance would offer hopes of recovery.

Meanwhile, the DeFi ecosystem of Algorand has experienced a setback, with the total value locked (TVL) dropping from $245 million to $165 million in three weeks.

This decline amplifies the negative sentiment, as drops in TVL tend to reflect a decrease in confidence in the ecosystem.

In summary, until signs of recovery are observed in DeFi or profitability, the outlook for Algorand remains strongly bear.

The price of Ivy Live (IVY) has experienced a decline, with a trading volume of $4,637.63 in the last 24 hours. This marks a decrease of -3.50% compared to the previous day, reflecting a decrease in market activity.

Currently, the price of IVY is 84.80% lower than its all-time high of $0.00001322, which was reached on August 24, 2023.

Despite this, the current price is significantly higher by 1.336,61% compared to the all-time low of $0.061399, which was recorded on July 2, 2024.

The fully diluted valuation (FDV) of IVY, calculated assuming the full issuance of all 500 billion tokens available, amounts to $1,005,051.

However, the full achievement of this FDV could take years, depending on the speed of token distribution.

In terms of recent performance, IVY has experienced a decline of -18.90% in the last week, underperforming both the global cryptocurrency market, which recorded a decline of 11.60%, and the BNB Chain ecosystem, which remained stable.

This trend reflects a critical moment for Ivy Live, with the market requiring signs of recovery to regain confidence and stimulate investor interest.

The Sui Foundation has announced a strategic integration with Phantom Wallet, a leading non-custodial multichain wallet, to support the Sui network.

With approximately 7 million active monthly users and over 560 million on-chain transactions recorded this year, Phantom stands out as a leader in the Web3 landscape.

Thanks to advanced features such as staking, in-app token exchanges, support for NFT, integration with Ledger hardware wallet, and full multichain support, the integration with Sui represents a significant milestone.

This collaboration marks a pivotal moment for the Sui blockchain, which joins Solana, Bitcoin, and Ethereum as a network supported by Phantom.

Jameel Khalfan, Global Head of Ecosystem of the Sui Foundation, stated the following:

“The integration of Phantom Wallet represents a giant step for the Sui ecosystem, offering users a first-class wallet experience.”

Available as a browser extension and mobile application, Phantom will offer Sui users a secure and versatile solution.

The CEO of Phantom, Brandon Millman, praised Sui’s innovative approach to scalability and developer support, highlighting the mutual commitment to high-performance blockchain.

The integration highlights the growing interest in multichain solutions, with a market value of Sui that has risen over 100% in the last month.

Factor that led the blockchain to a TVL of 1.5 billion dollars and consolidated it as one of the most promising networks in the Layer 1 landscape.