Algorand (ALGO) Jumps 58% as Network Activity Heats Up
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[TRADE_PLUGIN]ALGOUSDT,ALGOUSDT[/TRADE_PLUGIN]
Algorand ALGO News -
Algorand's native token ALGO has surged 58% from June lows, driven by a bullish double-bottom pattern and increased on-chain activity. The rally aligns with a 30% weekly rise in transactions and 22% growth in active addresses, indicating renewed network engagement.
Stablecoin adoption on Algorand skyrocketed 77% to $120 million, led by USD Coin. Futures open interest hit $110 million—the highest since February—as traders bet on further gains. While still behind major layer-1 blockchains, these metrics point to growing ecosystem momentum.
Technical analysts are now monitoring ALGO's double-bottom neckline, though resistance remains. May's peak NEAR $0.23 could become the next key level if bullish momentum continues.
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