Algorand Usage Soars 300%, ALGO Price Drops 10.5%
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The Key Points at a Glance:
- The number of active addresses in the Algorand network has increased by 300% since December 1.
- The ALGO price recorded a decline of 10.5% in the last 24 hours.
- Market corrections and reduced activity from large investors are negatively impacting the current price.
Rising Network Activity in Algorand
According to an analysis by IntoTheBlock, the number of active addresses in the Algorand network has significantly increased since December 1. The figure rose from 123,570 to 427,230 addresses, representing a growth of 300%. Currently, this number has stabilized at 343,790 addresses. This development indicates increased network usage, which can be seen as a positive signal for the price in the long term.
Market Correction Despite Previous Gains
Although Algorand recorded an impressive price increase of 318.99% last month and reached a high of $0.6133, the price fell to $0.475 in the last 48 hours. This represents a decline of 10.5% within a day. Such declines are often indicative of a market correction, particularly after a period of strong price gains.
Impact of Large Investors and Trading Activities
The activities of large investors, also known as “whales,” play a crucial role in price development. In recent days, these investors have sold more than they have bought, leading to a net outflow of 25.34 million ALGO tokens – the lowest value in the last three months. At the same time, the number of large transactions decreased from 309 to 162. This caution suggests that large investors are waiting for more favorable market conditions.
Bearish Sentiment Dominates the Market
Additionally, analysis by Coinglass shows that the majority of traders are currently betting on falling prices. The long-short ratio indicates that short positions dominate. The negative funding rate value on the DyDx exchange also confirms that the demand for short positions is higher than for long positions. These factors reinforce the short-term bearish sentiment in the market.
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Key Price Levels to Watch
Two price levels are crucial in the coming days. If the downward trend continues, ALGO could find support at $0.45. However, if the bulls regain control of the market, the next significant resistance lies at $0.71. The further price development will heavily depend on market sentiment and the activity of large investors.
Our Assessment
Algorand is currently in a phase of consolidation following a strong upward movement. The increasing network activity is a positive signal for long-term development, but in the short term, bearish factors dominate the market. For investors, it is important to monitor the activities of large investors as well as the overall market sentiment. A clear trend reversal may only occur when whales become active again and the demand for long positions increases.
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