Algorand price experienced a strong bullish breakout on Nov. 29 as cryptocurrencies continued their uptrend.

Algorand (ALGO), a top layer-1 network, surged to $0.40, marking its highest level since November 2022. The cryptocurrency has risen for four consecutive weeks, climbing over 240% from its lowest level this year.

Crypto analysts are still optimistic about the ALGO price. In an X post, Steph is Crypto, a popular analyst, noted that the coin would jump to $1.26. He cited a double-bottom pattern that happened on the weekly chart. If this forecast is correct, it means that the coin may jump by 300%. 

Another analyst noted that the coin would rally because of its strong tokenomics, its real-world adoption, and the best technology. For example, Algorand has a partnership with FIFA, which uses its blockchain to run its NFT marketplace.

The total value locked in Algorand’s DeFi ecosystem has also risen, hitting $170 million, the highest since February. Key dApps in its ecosystem have seen significant inflows, with Folks Finance’s assets rising by 200% in the last 30 days. Lofty has $45 million in assets, while Tinyman holds $34.6 million.

Algorand’s rally aligns with the broader cryptocurrency market performance. Bitcoin surpassed $98,000 on Friday, and the total market cap of all cryptocurrencies reached over $3.4 trillion. Other traditional coins from 2021, such as Theta Network, Stellar, and MultiversX (formerly Elrond), also recorded significant gains.

Algorand price analysis

The weekly chart supports the bullish outlook for ALGO, suggesting it may climb to $1.54 during the current bull run. The coin recently completed a double-bottom pattern at $0.10, which it has not breached since last year. It has now surpassed the neckline of this pattern at $0.3348, a typical bullish indicator.

If this trend continues, ALGO could target $1.54, representing a 287% increase from current levels and aligning with the 50% Fibonacci Retracement level. For this to happen, the coin must first break through the 23.6% retracement point at $0.7745 and the 38.2% level at $1.20. However, a drop below the support level at $0.20 could trigger downside momentum.

Solana price, a Layer 1 blockchain token, has surged significantly this month, driven by robust bullish momentum in the cryptocurrency market. November has proven to be a month of remarkable gains for SOL, with its price climbing by over 40%, signaling the potential for further upward movement. The cryptocurrency’s performance has drawn market attention as it broke through multiple resistance levels, sparking speculation about an impending breakout. Solana now challenging Ethereum in market dynamics.

Solana Price Ready to Rally As SOL dApps Flips Ethereum

Raydium, Jito, and Solana have emerged as the top contenders in the decentralized application (DApp) space. Solana-based protocols outperformed Ethereum in 30-day protocol fees for the first time, marking a significant milestone for the blockchain. This shift highlights the growing adoption of Solana’s ecosystem, especially among retail users.

Raydium, a leading decentralized exchange on Solana, generated a record-breaking $203.13 million in fees over the past 30 days. Jito, a staking-focused protocol, followed closely, raking in $199.61 million. Meanwhile, Solana secured $192.06 million, narrowly surpassing Ethereum’s $187.67 million during the same period.

#Solana passes #Ethereum in monthly fees – it’s over.

Accumulate $SOL under $300 for the markup. pic.twitter.com/9LJ85uQLNk

— MartyParty (@martypartymusic) November 28, 2024

Solana has officially surpassed Ethereum in monthly fee generation, marking a significant milestone in blockchain competition. Recent data shows Solana generating $183.46 million in monthly fees, overtaking Ethereum’s $181.42 million for the same period.

This development highlights the growing adoption and usage of the Solana blockchain, often praised for its scalability and low transaction costs. Investors and analysts closely monitor Solana’s performance, with some advocating accumulating its native token, $SOL, below $300 for potential upside.

🚨JUST IN: Raydium, Jito, and Solana take the lead in 30D protocol fees, surpassing Ethereum and Circle for the first time. @RaydiumProtocol alone generated a record-breaking $200M in fees over the 30-day period. pic.twitter.com/Zs9OCXbsyS

— SolanaFloor (@SolanaFloor) November 28, 2024

SOL Price Forecast: This Pattern Hints Solana Could hit $1,300

Solana attracts the crypto market as a compelling technical setup suggests potential gains. Analysts highlight a bullish symmetrical triangle pattern, typically signaling a continuation of the prevailing trend. The SOL price is currently at $242, with a surge of 4%.

The resistance at $259 serves as a pivotal breakout point for the Solana price prediction. A sustained close above this level could validate the bullish trajectory. Conversely, critical support zones lie at $245 and $126. A breakdown below these levels would invalidate the bullish outlook, signaling a potential reversal in sentiment.

The broader market’s optimism adds to Solana’s momentum, reflecting a 900% rally from its previous consolidation phase. If the breakout confirms, the measured move points to a potential target near $1,300, aligning with historical patterns observed in similar setups.

Solana’s recent milestones, strong adoption, and bullish patterns signal significant upside potential. If key resistance levels hold, SOL could target $1,300. However, a breakdown below critical support zones may reverse sentiment, underscoring the importance of cautious, informed decision-making.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.