Algorand Surges Past Trend Line as $2.37 Target Remains in Sight

Algorand's multi-month trend line has been broken, and analyst Javon Marks believes this could push the altcoin towards a target of $2.37.

In an update on September 28, Marks noted that ALGO was surging off support while holding a breakout from a massive resisting trend. This structure had capped the price for an extended period, but now that it has been cleared, technicians often treat the old resistance as a potential launchpad rather than a ceiling.

According to Marks, the target of $2.37 is still on the table, and he believes this represents more than a 1,650% advance from current levels. In an earlier post in June, Marks had flagged the same zone as a potential destination for ALGO, which at that time would have represented over a 2,100% move.

The breakout matters because it concentrates supply and tends to attract traders who bought lower and waited, or those who shorted the trend. If Algorand can hold above the broken line, the structure shifts from 'range under resistance' to 'trend repair with upside room.'