The post Algorand (ALGO) Surges Over 30% Amid Network Growth—Is $0.5 the Next Target? appeared on BitcoinEthereumNews.com.

The post Algorand (ALGO) Surges Over 30% Amid Network Growth—Is $0.5 the Next Target? appeared first on Coinpedia Fintech News Algorand (ALGO) has posted a remarkable 30%+ price surge in the past few days, drawing attention from both investors and traders. Currently trading near $0.28, ALGO has recovered significantly from its June lows of $0.145. This bullish momentum is fueled by a spike in on-chain activity, rising staking interest, and a strong technical breakout pattern. With the altcoin market showing signs of a broader recovery, the current price action has opened the possibility of a further move toward the $0.30–$0.36 range if bullish conditions persist. Network Activity Boosts Bullish Sentiment  One of the key catalysts for ALGO’s recent rally is the sharp increase in on-chain transactions, which jumped over 30% week-over-week, hitting nearly 5.8 million. Active wallet addresses also grew by 22%, reflecting expanding user participation. In addition, USD Coin (USDC) supply on Algorand rose 77%, now standing at over $120 million, indicating growing interest in the protocol’s DeFi ecosystem. These fundamental improvements show strong ecosystem usage, often a bullish signal for token valuation. Staking Launch and Whale Accumulation Add Fuel The launch of ALGO staking on major exchanges such as Binance and Crypto.com further strengthened investor confidence. By incentivizing long-term holding, staking has decreased the circulating supply and encouraged bullish speculation. Meanwhile, whale wallets have increased their holdings by roughly 5%, indicating growing institutional or high-net-worth interest. At the same time, retail investor dominance has declined, tightening the supply and providing additional price support. Technical Breakout Confirms Reversal Pattern ALGO has broken out of a double-bottom formation on its daily chart, typically a strong reversal signal. The breakout above the $0.24–$0.26 resistance zone suggests the next major price target could be between $0.30 and $0.36, with short-term support around…

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Filed under: News - @ July 14, 2025 6:29 am