- ALGO whales have significantly increased accumulation after a 45% drop, signaling potential recovery.
- If ALGO breaks the $0.315 resistance level, analysts predict a 50% rally toward $0.45.
Over the past few days, ALGO has been consolidating within a narrow range but has now broken out, suggesting that bullish momentum may be building. A recent CNF update highlighted that ALGO is eyeing a breakout as Algorand unveils new staking rewards.
Since then, Algorand (ALGO) has experienced a dramatic 45% price decline, but signs of a potential recovery are emerging as investor sentiment shifts. A recent tweet about Algorand’s development predicted that new all-time highs and significant growth are expected in 2025, despite the current correction phase.
We are expecting new All-Time Highs and major growth in 2025. It will get ugly when the climax of the correction is happening but remember, this is only a temporary event and only has a few weeks, a few months at max, left. Once the correction is over we can focus on green and up, we will never look back again. We will rebuild from the grown up. There will be lots of damage, but we are prepared, we know what to expect; life goes on.
The prediction emphasized that while the market downturn may continue for a few weeks or months, a strong recovery is anticipated once the correction is over.
The cryptocurrency has found solid support at the critical $0.28 level, a historically strong reversal zone. Reports indicate that technical indicators further support this optimism. If ALGO sustains its upward trajectory and closes above the $0.315 resistance level, analysts predict a possible 50% rally, pushing the price toward $0.45.
Whale Activity and Market Interest Surge and XRP Price Trends
Another major driving force behind ALGO’s recent price action is the significant accumulation by large investors, commonly referred to as whales. Whale activity has surged by 166%, signaling heightened institutional and retail investor interest.
This increased trading activity has also led to an 11% rise in Open Interest (OI) within the past 24 hours, further indicating growing market confidence. Specifically, data from Coinglass shows that traders holding long positions were over-leveraged at the $0.283 level, with $3.29 million worth of positions at risk of liquidation.
Following a recent CNF update highlighting Elon Musk’s exploration of blockchain for US government efficiency, speculation has emerged around whether Algorand could play a role in this development. Meanwhile, XRP has also maintained strong market momentum, trading at around $2.38 with a decreased by 6.32% in the past week.
