Algorand's (ALGO) price has plummeted to a monthly low of $0.15, despite reaching a yearly high of $0.31 in March. On-chain analysis reveals a bleak outlook, with sellers lining up to offload tokens worth $12.84 million. The significant difference between buy and sell orders indicates bearish sentiment, which may force ALGO's price to decline further.

According to IntoTheBlock's Order Books, investors have placed bids to buy 53.97 million tokens, worth $8.09 million, while sellers are looking to offload a staggering $80.27 million ALGO. The Weighted Sentiment around Algorand is also negative, indicating bearish sentiment. The Global In and Out of Money (GIOM) supports this forecast, with a sell-wall appearing at $0.19, which may force ALGO's price to reject and slide to $0.14.

However, network activity has improved, with active addresses increasing since June 10. Zero-balance addresses have also risen, indicating new wallets interacting with the network. If this trend continues, it could invalidate the bearish theory. The $0.15 region may also provide support, as millions of holders bought tokens at this price, and network activity has been intense in this region.

In summary, ALGO's price recovery looks bleak, with sellers dominating and bears tightening their grip. While there are some positive signs in network activity, the overall outlook remains bearish, and ALGO's price may slide further.