Algorand’s Momentum Surpasses $1 Target as Analysts See Key Support

Algorand is experiencing a surge in momentum, surpassing the $1 mark and reaching new highs. Analysts attribute this rise to burgeoning DeFi activity and growing institutional interest. The asset’s journey from late 2021 into 2022 saw a sharp drop from above $1.20 to around $0.10, before consolidating in a prolonged period throughout 2023. This consolidation phase is now considered an accumulation phase. Currently, Algorand (ALGO) trades at $0.2367 after a notable 12.85% weekly drop, with key support near the $0.1483 level. This region is crucial for accumulating further strength, with potential runs toward $0.90-$1.00 if momentum continues to build.