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Algorand Price Rallies Amid Mixed On-Chain Metrics

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Algorand has made a slow comeback in 2023 after having one of is worst annual performances in 2022. ALGO, the network’s token, rose to a high of $0.26, which was the highest level on November 21. Like other cryptocurrencies, it has jumped by double-digits from its 2022 low.

On-chain metrics struggle

Algorand’s on-chain metrics are warning about the network’s activity. According to IntoTheBlock, the number of active addresses in the network is hovering near its historical low. Total active addresses stand at 32.8k while those with zero balance is at 3.11k. 

New addresses in the network are over 8k. This figure is substantially lower than its November high. In November, active addresses were over 1 million while new addresses rose to 513k. This increase was partly because of the World Cup event, where Algorand was a leading sponsor. 

On a positive side, total account with balance has been rising in the past few months. It currently stands at 16.86 million. Further, the number of transactions volume on Monday was about 94.06 million ALGOs, which was lower than its all-time high.

On a positive side. The total value locked in Algorand’s DeFi has made a strong comeback this week. It rose to a high of $207 million, the highest level since November 10 of last year. A closer look at the DeFi protocols in the ecosystem have all risen. AlgoFi’s TVL has jumped by 105% in the past 30 days to $106 million. TinyMan’s TVL has jumped by 86% to $11.8 million. 

Algorand price analysis

Algorand Price

The strong ALGO price comeback continued this week as the coin sits at the highest point since November 20. It has jumped above the 50-day volume-weighted moving average (VWMA) level. Also, the token jumped above the resistance point at $0.24, the highest level on January 17. 

Therefore, it appears like Algorand wants to do a break and retest pattern, which is usually a sign of continuation. This means that it is attempting to rise and retest $0.27. This price was an important level since it struggled to move below it several times between June and September. If this view is correct, the coin will likely rise to $0.2745 and then retreat to $0.20.

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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