Because of its recent 30% price increase from $22, Avalanche has gained a lot of attention in the AVAX cryptocurrency community. As of the time this article was published, Avalanche had climbed back up to the 12th spot on the cryptocurrency market cap list, with a 24 hour increase of 5% to $29.06. Many others, influenced by the market as a whole, thought Avalanche would ride another wave of optimism and reach $35. So, given that AVAX’s foundations are sound, what should the alt’s next move be?
Achievements in the New Avalanche
On the evening of August 9 (Asian time), the Avalanche blockchain reached a new daily transaction high. The average daily volume of Avalanche transactions recently reached a new all-time high, surpassing 1.51 million.
The huge volume of transactions did not necessarily indicate a positive development or heightened market interest. The fact that Avalanche’s transaction volume was more than that of Ethereum, Optimism, and Arbitrum individually is the most amazing aspect of this record-breaking achievement (in transaction count).
On August 6th, following a price increase of 9.01%, an Avalanche price rise began. Experts in the cryptocurrency market speculated that the rise in popularity of AVAX-based NFTs was the driving force behind the token’s upward trend. On August 9th, trading volumes for AVAX NFTs increased by 30 percent.
Over the same time period, sales of NFTs also increased by nearly 10%. Apart from that, Robinhood has announced its backing for Stellar (XLM) and Avalanche (AVAX). That bolstered the bullish case even further.
Bears Expect AVAX To Trade At $25
Last month, the price of AVAX fell to $13.75, its all-time low. Despite this, the altcoin’s rapid comeback has boosted investor confidence. In particular, Avalanche showed a huge uptrend signal after the token had been in a downturn for almost four months.
In the meantime, the upward trend caused AVAX to rise by more than 110% from its June 2022 low. Optimism about the stock’s future may be bolstered if it manages to close higher than the $30 resistance point.
Short-term barriers for Avalanche are seen at $36 and then $51. The asset’s trading volume increased by 22% during the previous 24 hours, indicating increased demand from individual investors for AVAX. After breaking through the pivotal $28 resistance, the altcoin’s odds of reaching $35 improved significantly.