The AVAX C-Chain has reached a new milestone, hitting an all-time high for quarterly transactions. Over the past three months, it recorded more than 180 million transactions, exceeding the previous record by over 25%. Activity on the chain continues to grow rapidly.
This surge reflects a rise in builders, users, and overall engagement. More projects are being initiated, and more users are participating than ever before. Adoption of the network is on the increase, and this represents great momentum and an increased level of confidence in the ecosystem of AVAX.
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AVAX Price Faces Bearish Pressure
AVAX maintains a bearish outlook on the weekly chart, trading around $12.53 and below all SMAs: 20, 50, 100, and 200. The moving average ribbon displays a downward trend, forming a bearish arrangement. The price action maintains lower highs and lower lows, which establish a weak trend with no reversal signal yet forming on the weekly chart.
The immediate support ranges from $12.00 to $11.80. As the price falls, the initial target for a decline would be set at $10.00, and then the large demand level at $8.60 through to $9.00. As for a stronger fall, the target would be set around the lower boundary at $7.50 through to $8.00.
For any relief rally, the initial resistance zone is from $14.50 to $15.00, and again from $18.00 to $19.00. The major resistance zone and invalidation point is from $20.00 to $21.50, around the 20 and 50 SMAs. The macro resistance zone remains at the $25.80 to $28.00 levels, around the 100 and 200 SMAs, only when the overall trend is to rebuild.
Technical Indicators Confirm Selling Pressure
The RSI for the week is at 35, which is well below the midpoint at 50 on the chart. This confirms the bearish momentum and the selling activity on the chart. RSI is currently moving towards the oversold level but is not at the extremes as yet, so the possibility of downside exists despite the fact that momentum seems to be subsiding somewhat.
The MACD (12, 26, 9) is still below the zero line, with the MACD line plotted below the signal line and a red histogram. This pattern continues to support a bearish momentum trend on the weekly chart, failing to provide a bullish crossover.
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