Algorand Adoption Skyrockets 62% – Is a $0.19 Breakout Imminent?

Algorand's network activity just hit hyperdrive – but can the price keep up?

The blockchain's 62% adoption surge has traders buzzing, with technicals suggesting a potential breakout above $0.19. We break down whether this is genuine momentum or just another crypto pump waiting to deflate.

When institutions pretend to care about decentralization while chasing yield... again.

RWAs boosting ALGO’s adoption rate

As per IntoTheBlock data, Algorand’s New Adoption Rate hit 62.02% in July—the highest since January. This monthly surge came from an average of 32.22%.

By far, ALGO pulled in a historic monthly low of 1.82% on the 12th of June.

In fact, despite sideways movement between March and mid-June, user onboarding held steady.

Source: IntoTheBlock

The mismatch of the high rate of adoption and a comparatively flat price action denoted divergence. Assuming that the trend will continue, Algorand may experience not only price growth but also more extensive involvement in the ecosystem.

Under the hood

The spike in adoption could be attributed to the Tokenized assets on Algorand that exceeded $294 million as per rwa.xyz.

This represented a 25.53% rise within the last 30 days. This means that RWA integrations have been quite stable in the context of more general market fluctuations.

On top of that, new developments poured in.

The Algorand Foundation recently rolled out multichain functionality, xGov testnet deployment, and staking on Binance and Crypto.com.

Of course, these add-ons strengthened the case for network utility. But will they help ALGO reverse its price slump?

Will ALGO escape the trap?

With these developments, it is still uncertain how they could help the price action which has been in a constant drop.

ALGO’s huge descending triangle signaled potential reversal only if the price charged past $0.19. The altcoin was trading at $0.1758 area as of press time, facing triangle resistance.

Source: TradingView

A bullish breakout past $0.19 WOULD open up paths to $0.23, and eventually $0.26. If momentum holds, $0.30 could flash as a full trend reversal.

However, failure to flip resistance may trigger a fallback to $0.15–$0.1560. A break below $0.15 could even drag the price toward $0.13.

The MACD made a small bullish crossover as the histogram printed green bars but was below the neutral line. This indicated the potential to reclaim higher price levels.

Yet, the crossover was rather weak, and thus the maintained momentum depended on it.

So, while there’s upside potential, it would rely heavily on sustained momentum, and perhaps stronger macro tailwinds.