#$ALGO

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Algorand: 250% growth in users

Over the past six months, interest in Algorand's Tier 1 blockchain has grown significantly, with a 250% increase in the number of network users.

Despite competition from platforms like Solana and Avalanche, the Algorand network continues to stand out as one of the fastest, with low fees and almost instantaneous transactions.

Although Algorand initially struggled to gain ground, data from the network offers an encouraging outlook for investors.

According to data from Algonode, Algorand's validator, the number of daily active users increased by 250%, highlighting an increase in interaction with the network.

A deeper analysis of on-chain data also reveals an increase in transactions on the Algorand network. In the last month alone, users completed more than 5.6 million transfers involving the native token Algorand (ALGO).

Remembering that this is not a recommendation, just a simple analysis.

Despite the recent spike in user activity, the Algorand price, following a significant recovery from a low of around $0.089 last September to $0.24 in the early days of 2024, is currently trying to form support in the US $0.20.

With strong resistance between US$0.25 and US$0.30.

Investors hope that this growth in user activity can catalyze a positive movement. Some analysts present optimistic projections, predicting that Algorand could rise as high as $7.5 in the next cryptocurrency bull market.