Algorand (ALGO) has recorded impressive price actions in the past few sessions as bulls pushed past crucial resistances.
Further, the crypto project saw a significant surge in total value locked over the last month, underscoring renewed investor interest in Algorand blockchain.
Despite brief corrections, the surging network activity amidst broad market optimism signal sustained bullish momentum for ALGO.
DeFi propels Algorand’s growth
DeFillama data confirms a notable uptick in Algorand’s TVL within the past month.
The blockchain’s total value locked soared from November 1 at $69.5 million to $245.63 million (the second-highest in history) on December 3.
Source: Defillama
That reflected a staggering 254% increase, testifying renewed confidence in the platform.
Though the TVL has retraced to $184.38 million at press time, it still exhibited an upside course.
Folks Finance, which ended the previous month with record-high assets locked, propelled Algorand’s TVL surge.
New TVL ATH. What do you think the Folks TVL will be by the end of the year?
6:31 PM · Nov 29, 2024
Other DeFi platforms within the Algorand ecosystem also saw a stable uptick in activity, confirming renewed user interest in the blockchain.
More into Algorand’s healthy ecosystem
Algorand has become one of the vibrant web3 networks, presenting a significant increase in network activity in the past few sessions.
Meanwhile, stable volumes supported Algorand’s TVL increase over the past few sessions.
The alt’s trading volume touched new ATHs early this month, hitting $17.5 million on December 2.
While the trading volume has since corrected to around $3.05 million, the heightened levels reflect elevated network activity.
The lucrative interplay between trading volumes and network activity displays Algorand’s enhanced interest and utility.
ALGO price outlook
The native coin has presented remarkable price actions since printing an uncommon setup, gaining around 130% within the last 20 days.
Algorand traded at $0.4795 at press time, down nearly 3% on its daily chart.
Source: Coinmarketcap
ALGO exhibits a robust overall uptrend despite the slight 24-hour decline.
It sways well beyond the crucial 50-day and 200-day MAs, indicating a bullish stance.
Also, the Average Price Oscillator signals sustained upside momentum for the alt.
Nonetheless, the RSI at 75 highlights overbought conditions, positioning ALGO for possible profit-booking or consolidation.
Thus, ALGO price could dip further from current levels before potential revivals to record highs.
The crypto market has stayed bullish since Donald Trump’s presidential win, and analysts expect similar trends in the coming months.
Many believe the digital assets sector boasts massive momentum, and any plunges would be short-lived.
Also, the much-awaited altcoin season, expected in Q1 2025, bodes well with the anticipated explosive price surges.
Algorand’s prevailing outlook sets it for massive uptrends upon broad market rallies.
Renowned expert @steph is crypto trusts ALGO can break out and fly to $2.5237.
A new all time high is just a matter of time for #Algorand$Algo
4:30 PM · Dec 8, 2024
That would translate to a whopping 426.49% surge from current prices.
Meanwhile, broad market sentiments will likely influence ALGO’s price actions.
The industry traded in the red today as Bitcoin failed to close above $100K, currently hovering at $99,068.87.
However, the current plunge appears usual after robust upswings.
The market seems ripe for extended bull runs, with enthusiasts eyeing the Santa rally, the early 2025 altcoin season, and continued support from Trump’s administration.
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