• ALGO could surge by 30% to reach $0.42 if it closes a daily candle above $0.32.
• Following the bullish outlook, traders have increased their positions by 7.5% in the past 24 hours.

Amidst the price correction phase, Algorand [ALGO] is making a wave across the market with an impressive price surge. As of press time, ALGO has emerged as the third-largest gainer, attracting significant attention from whales and investors.

Algorand defies market trend 

With an impressive price surge of over 12% in the past 24 hours, the altcoin is currently trading near $0.298. Meanwhile, its trading volume during the same period has jumped by 75%, indicating heightened participation from traders and investors.

Data from the on-chain analytics firm Coinglass reports that the altcoin’s open interest (OI) has increased significantly, indicating strong participation from traders.

According to the data, traders have increased their positions by 7.5% in the past 24 hours and by 4.2% in the past hour.

In addition to the increase in OI, Coinglass’s ALGO spot inflow/outflow data