Avalanche’s AVAX Prepares for Bullish Upswing
AVAX has recently stabilized despite Bitcoin’s roller-coaster ride. The price of AVAX sits comfortably at $23.78 following a significant 60% rebound from its annual low.
Key Points:
- Formation of a strong double-bottom pattern signaling potential growth.
- Stablecoin volumes on the network surged by 715% in the past month.
- DEX volumes continue to climb, indicating healthy user engagement.
Avalanche’s utility has seen a massive boost. Stablecoins on the platform swelled by 14% to $1.5 billion.Notably, transaction volume skyrocketed by 715%, reaching $131 billion. This growth positions Avalanche among the top stablecoin networks.
Recent numbers from Nansen reveal the avalanche network handled 4.5 million transactions last week,a 55% surge from prior weeks. Additionally, major DEXs like Blackhole and Uniswap processed over $7.7 billion in july alone.
The ecosystem’s non-fungible token trade is thriving too. Weekly sales jumped by 52%, largely thanks to veBlack. Such momentum hints at promising prospects for AVAX.
From a technical angle, AVAX is forming a classic double-bottom pattern around $15.60, suggesting potential upside. Breaking through the $27.4 neckline could propel AVAX to $40, marking a 65% increase from its present value.
as the network diversifies into realms like tokenized asset trading, see if AVAX can truly solidify its place in the crypto landscape.
