Avalanche (AVAX) Price Breaks $20 for the First Time Since April 2023
Recently, Avalanche (AVAX) price surged to $20, marking a significant milestone not seen since April 2023. Analysts like Hitesh Malviya believe that the GameFi revival within the Avalanche ecosystem is driving this growth. This has led to increased investor interest in AVAX and raises questions about how much further the price could rise.
GameFi Resurgence Triggers Massive Adoption and Fee Burns
Over the last 10 days, AVAX price has risen by 75%, making it the second-best performing mega-cap altcoin after Solana (SOL). On-chain data reveals that newly launched GameFi subnets have been a major driver of AVAX adoption, as explained by crypto analyst Hitesh Malviya. These subnets have contributed to increased transaction processing and fee burns within the Avalanche ecosystem.
Avalanche Holders and Validators Staked 36 Million AVAX Tokens in Last 10 Days
The staking of AVAX tokens has also seen a substantial increase, with 116 new validators added to the Avalanche Network. This resulted in over 36 million AVAX tokens being staked within the last 10 days, indicating strong bullish activity driven by fundamental network engagement.
AVAX Price Forecast: Could Bulls Reach for $30?
Based on on-chain data and Global In/Out of the Money (GIOM) data, there are positive indicators for further AVAX price gains. However, breaking through initial resistance at $23 will be crucial for reclaiming $30. The potential for increased demand from new GameFi projects could drive the price to historic highs in the coming weeks.
Hot Take: The GameFi Revival Propels Avalanche (AVAX) to New Heights
The surge in AVAX price is not solely due to speculative trading but rather driven by fundamental network activity. The introduction of GameFi subnets within the Avalanche ecosystem has triggered massive adoption and fee burns, leading to increased investor interest and staking activity. As new gaming subnets are set to go live soon, there is potential for further growth in AVAX price as demand continues to strengthen.
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