Algorand’s ALGO token has surged 17% in the past 24 hours, extending a strong four-day bullish rally. On-chain metrics indicate aggressive whale accumulation, while derivative data from exchanges like Binance shows strong long positioning. The token is now testing a critical supply zone near $0.1133; a successful breakout could target the next resistance level around $0.15.
The ALGO token has maintained a strong upward trend over the last four days, gaining 17% in the past 24 hours. This steady surge indicates a constant buying pattern rather than a one-time spike.
Most on-chain metrics are sending bullish signals at this time. The network’s whales are making aggressive moves by accumulating more orders at the current trading price.
This whale activity suggests confidence among larger players despite the price trading near a point of supply. Key derivative metrics also align with the bullish trend.
Data shows Binance has the highest Open Interest at $14.75 million. Bybit follows suit with a 66.66% increase in trading volume over the same period.
On sentiment, Binance maintained a higher ratio of longs to shorts at 1.3923. It is interesting to note that Binance has a high ratio of longs by both accounts and positions among their top traders.
Liquidation data indicates a squeeze, with short positions making up 80.29% of the $952,390 in liquidations over 24 hours. The token is now testing a critical supply zone around $0.1133.
This zone represents a pocket of potential selling pressure where previous advances have stalled. A break past this supply zone could see prices rally to test the next resistance level at around $0.15.
However, a failure at this level could slow the current momentum. Such a rejection could send the token’s price action into a consolidation phase.
