• Avalanche’s active addresses doubled compared to the annual average.
  • According to data, monthly active addresses recently reached 1.21 million.
  • However, AVAX prices fell this week as Bitcoin struggled to stay above $30,000.

Avalanche, a layer 1 blockchain developed by Ava Labs, has seen a steady increase in active addresses over the past month.

Daily active users on the blockchain network surged to double in June, well above the average recorded over the past year, according to on-chain data.

According to cryptocurrency market intelligence provider Messari, most of the efforts during this period centered around decentralized exchanges such as retail-focused DEX Trader Joe and Web3 protocol Galxe.

Data from Avalanche Explorer Abaskan It shows that the network recently reached 1.21 million monthly active addresses.

But could AVAX prices benefit from network activity as the platform seeks to regain market share through strengthening the DeFi ecosystem?

AVAX Price Outlook

Avalanche TVL It has fallen from $13.93 billion in December 2021 to about $1.4 billion today.

Meanwhile, AVAX has been trading lower for the past week since the bull market reached resistance near $13.70 on Sunday. The crypto token is down 3% over the past 24 hours and 5% over the past 7 days as buyers try to contain the bear market near $12.50.

As you can see in the price chart below, AVAX is fighting for upward momentum at the same time that Bitcoin (BTC) bulls are trying to block a bear market rally around the critical $30,000 level. there is A new surge in BTC may inject some buoyancy into altcoins and AVAX/USD may regain $14 territory.

This could push the avalanche price to the all-time highs seen in April when the bull market crossed $20, such a move would be a 100% reversal from the June low of $10.

Avalanche daily chart. sauce: TradingView

However, the RSI has broken below the 50 mark on the daily chart, suggesting that the buying pressure that has pushed AVAX from $11.45 to near $13.70 is easing.

The MACD also shows weakness on the buy side. An upward reversal of the indicator will highlight potential gains while vice versa threatens to return to the key support range near $11.20 to $9.50.

By Jules

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