🚀📈 Algorand ( $ALGO ) 360% Rally Drives Active Addresses to Highest Since November

🚀 Algorand Price Surge
Over the past 30 days, Algorand's (ALGO) price skyrocketed by 360%, driven by a broader altcoin rally. This growth has boosted daily active addresses on the network to 427,230, the highest since November 7.

📊 Network Activity Rises
According to IntoTheBlock, active addresses surged, signaling increased user engagement. However, this metric's bullish effect typically aligns with price increases. With ALGO down 10% in the past 24 hours, the activity spike might not support further uptrends.

💬 Social Dominance Declines
Santiment data shows Algorand’s social dominance dropped from 1.56% on November 30 to 0.71% today. This decline in discussions about ALGO suggests lower demand, potentially contributing to a price decrease.

📉 ALGO Price Prediction
Currently trading at $0.51, ALGO risks dropping below the 20-period EMA, signaling a bearish trend. If this happens, the price could fall to $0.38. However, strong buying pressure could prevent the drop, pushing the value toward $0.61 instead.