Algorand [ALGO] Shines Bright: TVL up 137%, Price up 12% in a Week

• Algorand’s Total Value Locked (TVL) increased by 137% in the last seven days.
• Algorand’s total addresses also went up in the last seven days.
• ALGO’s price registered over 12% weekly gains, and at the time of writing, it was trading at $0.2323 with a market capitalization of more than $1.6 billion.

The past seven days were a rollercoaster of events for Algorand [ALGO], one of the most popular blockchain networks. Its Total Value Locked (TVL) increased by an impressive 137%, which pushed it back within 18% of its previous all-time high. This development was made possible due to an increase in the number of users on the network, as the total addresses also went up in the last week.

On the price front, ALGO’s performance was also quite impressive. According to CoinMarketCap, ALGO’s price registered over 12% weekly gains, and at the time of writing, it was trading at $0.2323 with a market capitalization of more than $1.6 billion. This bullish sentiment was further strengthened when web3 decentralized computing network FLUX announced that its parallel asset to be deployed on its interchain operable platform will be Algorand.

However, despite the positive developments, there are a few market indicators which seem to be bearish for ALGO. The Relative Strength Index (RSI) registered a downtick while it was in the overbought zone, which was a bearish signal. This means that the prices may drop in the near future, but with the TVL and other metrics indicating new all-time highs, the future of ALGO looks optimistic.