How are the coins Algorand (ALGO), IVY, and Phantom performing within the crypto market? In this article, we look at the latest updates on prices and the news that sees them as protagonists.
The price of the crypto Algorand in comparison with IVY and Phantom
The recent drop in the price of Algorand (ALGO), which has seen a decline of 20% in the last week, has caught the attention of traders and investors.
Despite the multi-year high reached at $0.613 at the beginning of the month, the price has now settled at $0.371, highlighting a significant trend reversal. This decline is accompanied by a series of market dynamics that influence the overall sentiment.
An interesting aspect is the increase in active addresses, which have almost doubled in just 24 hours, going from 104,000 to 190,000.
This increase could be attributed both to traders liquidating their positions to reduce losses and to new operators looking to capitalize on the speculative market movement.
However, the growing activity has not translated into an improvement in sentiment, as the profitability of active addresses has collapsed from 57% to 16% in just two weeks.
This decline suggests that many participants in the previous rally are now selling to limit losses or preserve profits, thus contributing to fueling the bear sentiment.
The technical context also highlights increasing selling pressure. Indicators such as the Chaikin Money Flow (CMF) and the on-balance volume (OBV) reflect a predominance of sales over purchases, with the price moving within a descending channel.
A violation of the lower line of the channel could accelerate further declines, while a break above the resistance would offer hopes of recovery.
In the meantime, the DeFi ecosystem of Algorand has experienced a significant setback, with the total value locked (TVL) dropping from 245 million dollars to 165 million in three weeks.
This decline amplifies the negative sentiment, as the drops in TVL tend to reflect a decrease in confidence in the ecosystem.
In other words, until signs of recovery are observed in DeFi or profitability, the outlook for Algorand remains strongly bear.
Ivy Live (IVY): price decline and market outlook
In the last 24 hours, Ivy Live (IVY) recorded a trading volume of $4,637.63, marking a decrease of -3.50% compared to the previous day, reflecting a decrease in market activity.
Currently, the price of IVY is 84.80% below its all-time high of $0.00001322, reached on August 24, 2023.
Despite this, the current price is significantly higher by 1.336,61% compared to the all-time low of $0.061399, recorded on July 2, 2024.
The fully diluted valuation (FDV) of IVY, calculated assuming the full issuance of all 500 billion tokens available, amounts to $1,005,051.
However, the full achievement of this FDV could take years, depending on the speed of token distribution.
In terms of recent performance, IVY has experienced a decline of -18.90% in the last week, underperforming both the global cryptocurrency market, which recorded a decline of 11.60%, and the BNB Chain ecosystem, which remained stable.
This trend reflects a critical moment for Ivy Live, with the market requiring signs of recovery to regain confidence and stimulate investor interest.
Phantom Wallet integrates with the Sui network: a step forward for the multichain ecosystem
In a strategic move, the Sui Foundation announced that Phantom Wallet, one of the leading non-custodial multichain wallets, will officially support the Sui network.
With approximately 7 million active monthly users and over 560 million on-chain transactions recorded this year, Phantom stands out as a leader in the Web3 landscape.
Thanks to advanced features such as staking, in-app token exchanges, support for NFT, integration with Ledger hardware wallet, and full multichain support, the integration with Sui represents a significant milestone.
This collaboration marks a pivotal moment for the Sui blockchain, which joins Solana, Bitcoin, and Ethereum as a network supported by Phantom.
Jameel Khalfan, Global Head of Ecosystem of the Sui Foundation, stated the following:
“The integration of Phantom Wallet represents a giant step for the Sui ecosystem, offering users a first-class wallet experience.”
Available as a browser extension and mobile application, Phantom will offer Sui users a secure and versatile solution.
The CEO of Phantom, Brandon Millman, praised Sui’s innovative approach to scalability and developer support, highlighting the mutual commitment to high-performance blockchain.
The integration highlights the growing interest in multichain solutions, with a market value of Sui that has risen over 100% in the last month.
Factor that led the blockchain to a TVL of 1.5 billion dollars and consolidated it as one of the most promising networks in the Layer 1 landscape.
