Algorand (ALGO) has surged 20% in the last 24 hours, reaching $0.4 with a trading volume of $470 million, as technical analysis suggests potential for major gains ahead.
The cryptocurrency has formed a bullish double-bottom pattern on weekly charts, indicating a possible rally to $0.6 by January 2025 and potentially crossing the $1 mark by March 2025 - representing a 150% increase from current levels.
Daily charts reveal a breakout from a descending triangle pattern, with $0.32 acting as a support level. Technical indicators point to $0.6 as the next target, followed by a potential move above $1 in the coming weeks.
The price surge comes amid positive developments for Algorand. The blockchain platform is reportedly exploring cross-chain partnerships with Cardano and Polkadot, with Cardano's founder Charles Hoskinson confirming discussions about potential interchain asset transfer solutions.
Algorand's strong technical fundamentals, particularly its superior quantum-proofing capabilities compared to competitors like Ethereum, Cardano, XRP, and Solana, position it favorably in the Layer-1 blockchain space.
The upcoming change in SEC leadership, with Gary Gensler's departure on January 20th, could remove regulatory headwinds that have previously weighed on ALGO's price. Gensler had classified Algorand as a security after the SEC's loss in the XRP case.
Looking beyond 2025, analysts project ALGO could reach its previous all-time high of $3.28 by late 2024, with potential for further growth to $15 by 2028, supported by institutional partnerships including collaborations with the UN and various development agencies.
Market observers note that broader crypto market conditions appear favorable, with many cryptocurrencies seeing substantial recoveries following the Federal Reserve's recent policy rate guidance.
The 24-hour price jump and technical breakouts suggest growing investor confidence in Algorand's long-term prospects as a leading blockchain platform.