Avalanche has started the new week with its strongest on-chain performance in weeks, crossing a major transaction milestone, while technical analysts also point to improving price conditions for AVAX.
Blockchain analytics platform Chainspect reported that Avalanche made over 4 million transactions yesterday, which created a new record in monthly transaction volumes for the network. This is the most active day for the network within the last month.
Source: X
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Network Usage Climbs After Weeks of Stable Activity
Avalanche began the month of June with around 2.2 million transactions per day. It increased momentarily to 2.7 to 2.8 million transactions per day before stabilizing at a relatively steady state, with 2.2 to 2.5 million transactions per day during the month.
The network’s transaction volume reduced to roughly 2 million on June 21-22, but from there began increasing. The transaction levels increased such that they surpassed 2.8 million and even moved towards 3 million, indicating that the users had begun to return.
The Avalanche transaction rate increased further towards the end of June, recording a daily volume of over 3.2 million after recording around 3.5 million to 3.6 million. There was a minor decline at the start of July; however, the network bounced back quickly and recorded a transaction rate of over 4 million for the first time on July 6.
Avalanche (AVAX) Breakout Draws Attention
Meanwhile, market expert Alaric De Vaux believes that AVAX is at the start of a new technical stage, having rebounded from a 36.19% decline during the early summer months.
He points out that the coin managed to close above an important resistance level around $6.913, thereby bringing to an end an extended consolidation stage. This can also be seen on the chart with buyers defending the $6.20-$6.40 support level.
Source: X
According to De Vaux, there is a possibility of an increase of up to 46.23%, provided that the price continues breaking out. The first major target price is set at $10.
However, the positive scenario is based on AVAX being able to maintain its position above the breakout level. Otherwise, the coin may enter a consolidation phase.
What Could Be Next for AVAX and Investors?
The next trading sessions will be important for the traders. If there is a constant level of network activity and the AVAX remains over its breakout levels, then there is a chance that the market sentiment will remain bullish, and the price will also continue to move up. However, traders will also have to pay attention to the sustainability of the trend.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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