Avalanche (AVAX) has been experiencing growth, fueled by its recent partnerships with tech giant Amazon and finance platform Intain over the past few weeks.
However, the network’s latest upgrade has also played a key role, propelling AVAX to reach new highs with a remarkable 18% increase over the past 24 hours.
Despite being impacted by the widespread price drops in the crypto market during the final quarter of the previous year, Avalanche (AVAX) has been making waves as one of the strongest performers in recent weeks.
With a 22% increase in the past week and a remarkable 40.6% growth in the last two weeks, the altcoin has demonstrated its resilience and potential for continued success.
According to the data from CoinMarketcap, AVAX is trading at $22.13, with an astonishing 112% boost in trading volume over the last 24 hours. It comes on the heels of a tremendous 30-day period, where the token’s value skyrocketed by a remarkable 99%, per CoinGecko’s statistics.
Technically, the token’s price may continue to rise toward the $24 level or even $26. However, it is essential to note that if the price fails to clear the $22 resistance, it could continue to move down toward the support at $18.
Avalanche (AVAX) Price Driving Factor
AVAX’s impressive rally is spilling over into other areas of its ecosystem, as Avalanche, the blockchain platform for decentralized finance, has released version 1.9.8, known as Banff 8.
According to Patrick O’Grady, the update includes PROXY Protocol v1/v2 support and optimized P-Chain validator lookup, as well as a new P2P network client helper utility.
Banff 8 is backward compatible with version 1.9.0, but its use is recommended for optimal performance. The update does not affect custom virtual machine interfaces, and users running version 1.9.7 do not need to upgrade to Banff 8.
One of the key features of Banff 8 is the support for P2P traffic proxied through the PROXY Protocol, allowing validators to implement custom networking logic and protect their node from specific inbound connections or traffic.
Additionally, the update significantly reduces the latency of getCurrentValidators by 80% through better caching of delegator information. In a future release, getCurrentValidators will only return delegators if specific NodeIDs are provided.
Lastly, Banff 8 introduces a P2P network client helper utility, making it easier for applications to connect directly to the Avalanche mesh network and exchange messages with validators without running a full node. This utility can be used to build network monitoring tools, stateless clients, and even Avalanche Warp Messaging relayers.