Algorand Price Surges 11.5% Before Resistance Zone Rejection

The Algorand price surged 11.5% this week, reaching $0.14031 before pulling back from a resting resistance zone near $0.14.

This zone marks a pocket of untaken liquidity from earlier this year and has held since June.

The weekly chart shows that ALGO broke out of its consolidation range of $0.095 to $0.135, closing the week up 11.52% at $0.13325.

Algorand's network activity spiked with 11.91 transactions per second on September 28 and processed 1.03 million transactions in a single day, according to Chainspect.

New CEO William Herkelrath outlined his priorities for the network in a Reddit AMA, naming self-sustainability as the top goal, aiming to make the Foundation a net buyer of ALGO through new revenue.