Algorand’s ALGO token surged 24% in the past day, with its daily trading volume increasing nearly fivefold. The rally was triggered by a research paper from Google Quantum AI, the University of California, Berkeley, and the Ethereum Foundation, which highlighted quantum threats to blockchains. The paper cited Algorand as a blockchain with real-world “post-quantum cryptography” deployments, positioning it well for a future migration.
A new research paper examining quantum threats to blockchain security has sparked significant buying activity for Algorand’s ALGO token. The token’s price rallied 24% in 24 hours, and its daily trading volume surged nearly fivefold.
The paper from Google Quantum AI, the University of California, Berkeley, and the Ethereum Foundation provided estimates on the quantum vulnerability of various blockchains. It specifically cited Algorand as it “provides an example of real-world deployment of PQC on an otherwise quantum-vulnerable blockchain.”
This reference highlighted Algorand’s live post-quantum deployments, such as Falcon digital signatures for smart contracts and state proofs. The chain is therefore seen as well-positioned for a future post-quantum migration, which appears to have driven investor interest.
The bullish move allowed ALGO bulls to flip the $0.082 level to support and commence a rally toward its range highs between $0.08 and $0.10. At the time of reporting, the Chaikin Money Flow indicator showed heavy capital flows accompanying the sizable price move.
The 3-month liquidation heatmap showed a cluster of short liquidations above the $0.10 range high has been swept. ALGO now faces a key resistance level at $0.11, which was a barrier from early February.
