By Franklin Smith
Avalanche has made some noise within the cryptocurrency market as the network has witnessed multiple valuable developments lately.
That has attracted the attention of several traders in the space. For example, the latest revelations suggested that Avalanche’s transaction count hit an ATH of 3,916,369, including all subnets.
Furthermore, the following days saw gas usage soaring dramatically to hit the 722,479,684,419 all-time high. These developments appeared promising for the altcoin as they confirmed more network activity.
Nevertheless, the question lingers – are these enough to trigger the next AVAX’s bullish run in the upcoming days?
Metrics Front
The highlighted updates suggested more active users. Surprisingly, the address count ranged from 36,000 – 40,000 amidst surging transactions. It might have resulted from the active wallets and not new investors. Also, Avalanche marked its 2nd-anniversary last week.
Furthermore, these developments didn’t reflect on Avalanche’s chart, with AVAX recording a 3% dip within the past day. Avalanche traded at $17.05 during this publication, with a $5,043,721,718 market capitalization.
Nevertheless, assessing Avalanche’s metrics revealed a bright outlook for the token’s future. Most indexes supported price surges in the alternative coin. For example, AVAX noted a considerable developmental activity surge last week, presenting a positive sign for the blockchain.
Despite the positive updates, AVAX could not impress investors. The social volume index confirmed this with a decline. Furthermore, Avalanche’s trading volume also dipped sharply, a negative sign for the alternative token.
What Next?
The developments in Avalanche’s network plus the metric gave mixed signals for the altcoin. Surprisingly, data from CryptoQuant showed the token’s RSI (Relative Strength Index) stayed within an oversold region, suggesting a market bottom.
Enthusiasts can expect a northbound move from AVAX’s price. Nevertheless, the dip in Avalanche’s popularity plus trading volume decrease still limits upside price actions. Meantime, the crypto market noted impressive upsides within the past day.
Bitcoin gained more than 7% within the last 24 hours to change hands at $20,192.72. Reclaiming the $20K mark welcomed green tendencies within the overall market. However, time will tell whether the leading crypto can sustain the current hike.
Stay tuned for upcoming crypto news.
Editorial credit: FellowNeko / shutterstock.com