The native token of the Avalanche ecosystem, AVAX, has experienced significant gains while the wider crypto market has faced a drawback. AVAX surpassed the $40 mark and reached an intra-day high of $43. Currently, the token trades at $38, reflecting a 12% increase in the last 24 hours and a 123% increase in the last 30 days.
AVAX’s market cap soars 341% in two months
Avalanche’s total market value has grown from $3.25 billion to $14.35 billion in just two months, representing a remarkable increase of over 341%. This surge has pushed AVAX to secure the ninth position on CoinMarketCap’s ranking, surpassing Dogecoin.
AVAX’s market capitalization has also seen a 200% increase over the past year, rising from $4.04 billion in December 2022.
Other tokens within the Avalanche ecosystem, such as JOE and QI, have also experienced significant gains in the last 24 hours. Additionally, Coq Inu, a memecoin built on Avalanche, has recorded a 22% climb.
Fundamentals and a surge in user activity back Avalanche’s uptrend
Avalanche is currently trading above an important demand area between $15 and $20, which is supported by major moving averages. This suggests that AVAX has strong support on the downside. The presence of buyer congestion around this support level may fuel further upward momentum.
The relative strength index (RSI) indicates that bulls are in control of AVAX’s price, with all major moving averages positioned below and facing upward. On-chain metrics also support the significance of the support zone.
Total value locked (TVL) data reflects growth within Avalanche’s ecosystem, showing a 90% increase in TVL alongside the rising price. Increasing development activity, highlighted by a significant rise in GitHub commits, further strengthens the positive outlook for Avalanche.
The recent adoption of Avalanche by JP Morgan and Mirai Labs migrating its ecosystem to an Avalanche subnet contribute to the network’s development and increased demand for AVAX.
Hot Take: What’s next for Avalanche?
Avalanche’s recent surge in price and market capitalization, along with its growing ecosystem and adoption by major players, paints a bullish picture for AVAX. The strong fundamentals and increasing user activity suggest that the upside may not be over yet. As more buyers enter the market and development continues to thrive, AVAX has the potential to reach new yearly highs.
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