The price of Algorand (ALGO) has increased by over 20% as the overall bullish sentiment in the cryptocurrency market has impacted the layer-1 blockchain ecosystem. ALGO reached a high of $0.47, its highest level since December 2024. After hitting lows of $0.32 in early January, ALGO retested the $0.40 zone before experiencing a bullish flip. ALGO has outperformed most other coins in the top 100 by market cap and has seen a notable increase in trading volume. The surge in ALGO's price can be attributed to several factors, including upcoming political and economic events such as Donald Trump's inauguration, the SEC's crypto policy approach, and the US Fed's stance on interest rates. Additionally, the imminent launch of staking rewards on the mainnet has attracted bullish interest. Despite struggles in the past, ALGO's recent performance has bulls targeting a fresh breakout, with a potential retest and surpassing of $1 in an altcoin season.



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