Algorand retests key level amid 20% spike

The price of Algorand jumped more than 20% in 24 hours, retesting the key resistance level of $0.44 on Jan. 15.

Algorand (ALGO) rose sharply as a bullish flip that buoyed XRP (XRP) to highs of $3 for the first time since 2018 also helped Stellar (XLM) higher. 

With a 20% price increase, Algorand became the second-biggest gainer among the top 100 cryptocurrencies by market cap during the period. The only token to outperform it was Virtuals Protocol (VIRTUAL), which continues to rally amid growing interest in AI agent-based technologies.

For Algorand bulls, the surge to $0.44 marks a return to levels last seen in mid-December.

While ALGO has faced bearish rejections at this zone twice in the past month, the ongoing market optimism suggests further upside is possible.

Bullish news that the new U.S. Securities and Exchange Commission may kick off a new regime with an end to crypto enforcement actions catalyzed the latest gains. Notably, current SEC Chair Gary Gensler exits the agency on Jan. 20, and reports indicate new SEC leadership is eyeing a freeze to non-fraud crypto lawsuits. 

Market reaction has seen most altcoins surge, with Algorand leading the likes of XRP, XLM and LDO.

Amid Algorand’s price surge has also been excitement around ALGO staking and the potential rewards holders can earn. On Jan. 15, the Algorand Foundation posted about support for ALGO staking on the Algorand-based decentralized trading protocol Tinyman.

2024 ended with Algorand in bullish momentum as the L1 recorded a 34.6% spike in total value locked in real-world assets. Growth in asset tokenization powered Lofty helped the RWA TVL.