I see that ALGO has recovered quite significantly recently. After checking, I found that the underlying reasons for this surge are quite interesting.

What’s clear is that Google just released a research paper on quantum AI, and that document mentions Algorand as one of the leading networks in post-quantum risk mitigation. This seems to be the main catalyst driving investors to buy in. Additionally, Revolut has just enabled staking for ALGO, and Algorand also has a strong foundation in RWA support, with assets tokenized worth over $425 million on the network.

From a technical perspective, ALGO is in an overbought condition. Looking at the coin’s flow in the spot market, there was a net outflow in early April, but inflows in the following days halted the decline. Notably, open interest in derivatives markets surged from around $30 million to $81 million, indicating increasing long positions.

Currently, the price is around $0.11, but there is still uncertainty due to global situations. If profit-taking accelerates, we might see a temporary pullback, but if the momentum remains strong, it could reach the next resistance level. I personally think that the staking mechanism and RWA development of Algorand are positive points to watch moving forward.