Algorand (ALGO) experienced a significant surge of over 19% in a single day, reaching a one-month peak of $0.460. This rise is attributed to a combination of technical and fundamental factors, supported by strong data indicating continued upward momentum. In the latter half of 2024, Algorand saw a 34.6% increase in Real World Asset (RWA) Total Value Locked (TVL), driven by innovations in asset tokenization through Lofty. The platform also witnessed significant growth on social media, with 64.5% of annual follower gains concentrated in the fourth quarter. On-chain metrics, such as open interest, have also been positive, reflecting increased investor confidence. Technical indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), suggest that ALGO's rally may extend further, potentially reaching its December 3 high of $0.6121. Additionally, anticipation is building ahead of possible tax relief on U.S.-issued cryptocurrencies like ALGO, which could further drive demand and sentiment for the cryptocurrency.



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