- Avalanche shows renewed strength as network activity and user growth surge across its Layer-1 blockchains.
- Monthly active addresses jumped 50x year-over-year, signaling strong ecosystem adoption and developer engagement.
- Analysts highlight $14.60 and $12.50 as key support zones to sustain AVAX’s medium-term bullish outlook.
Avalanche (AVAX) is showing renewed strength as the ecosystem’s activity and user base expand across the network. The project announced a significant increase in the number of monthly active addresses, indicating growing adoption. The analysts opine that maintaining existing support levels will help sustain AVAX’s near-term bullish outlook.
At the time of writing, Avalanche is trading at $22.37 with a 24-hour trading volume of $2.36 billion and a market capitalization of $9.41 billion. AVAX price increased 4.73% in the last 24 hours.
Avalanche Network Sees Massive User Growth
Latest on-chain data shared by Avalanche announces a significant jump in network activity. The platform reported that the monthly active addresses jumped 50x year-over-year across all Avalanche Layer-1 blockchains, a positive indicator of increased adoption and user interaction throughout the ecosystem.
AVAX Price Poised For Further Upside
Further to the analysis, More Crypto Online, a popular crypto analyst, pointed out that $14.60 and $12.50 are the next significant levels of support for AVAX. The analyst, though, highlighted that it is crucial to stay above Friday’s low to preserve the medium-term bullish view on the token.
The current momentum is rekindling interest in Avalanche’s ecosystem, driven by the network’s development alongside user interaction with decentralized applications on the network.
As long as AVAX can maintain this positive momentum beyond significant support levels, the coin could be laying the groundwork for additional upward momentum during the ensuing sessions.
Also Read | Avalanche (AVAX) Eyes $38 as Price Holds Key Support Levels
Avalanche Faces Bearish Weekly Pressure
The MA Ribbon signals good resistance areas around $23.88, $27.01, and $30.12, topping the upper side move. The RSI at 45.93 also points towards diminishing buying power, decreasing below the 50-neutral region, indicating a potential drawn-out correction.
The MACD also presents a nervous outlook, with the blue line at 0.17 now falling towards the signal line at 0.45, indicating bearish momentum is gaining strength. The decreasing green bars in the histogram reinforce the loss of bullish pressure.
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