Algorand has rallied over 57% in the last 7 days before hitting a daily high of $0.29 on Monday, its highest level since March 4.

According to data from crypto.news, Algorand (ALGO) price hit a 5-month high of $0.289 on July 14. At press time it trading slightly lower at $0.27, still holding gains of 80% from its year-to-date low observed earlier in April.

Algorand rallied after third-party data emerged showing that Algorand’s network was gaining traction among users. According to Nansen, the number of transactions on Algorand jumped by 30% in the last seven days to 5.8 million. 

Similarly, stablecoin supply on the network also saw a sharp increase, jumping by 94.23% to $134 million, 98.3% of which was in USD Coin (USDC), indicating increased capital flow and utility across its ecosystem.

The market for Real-world asset tokenization on the Algorand network has also gained traction in recent months. Much of this growth is concentrated on Lofty, a tokenized real estate marketplace that has now surpassed $89 million in TVL. 

With momentum building, one analyst argues that ALGO’s uptrend may have more room to run, with a further 55% upside on the table.

In a July 15 X post, crypto analyst Ali Martinez noted that ALGO appears to be trading within a multi-month parallel channel. A decisive breakout from this formation could mark the beginning of a larger bullish wave, potentially paving the way for further price appreciation in the weeks ahead.

According to Martinez, a breakout from the pattern will be confirmed if the ALGO price retests the breakout zone around $0.258. The analyst has set loftier price targets as high as $0.42, which stands 55% above the current price level at the time of writing.

From a technical perspective, ALGO has also formed a bullish double-bottom pattern on the daily chart, with a confirmed breakout above the neckline at $0.2604. The price has also moved decisively above the 50-day and 100-day Exponential Moving Averages, further validating the trend reversal.

Simultaneously, momentum indicators like the Relative Strength Index and the MACD were all pointed upwards at press time.

If ALGO breaks through the immediate resistance at $0.32, the next target lies at the 61.8% Fibonacci retracement level of $0.3642.