- Both Avalanche’s network activity and captured value increased over the past week.
- Market indicators seemed bullish on AVAX.
Avalanche [AVAX] investors were delighted when the token’s price rose significantly in recent hours. However, data suggested that the case with Avalanche’s network activity was different as it fell last week.
Is Avalanche’s network activity declining?
AVAX Daily, a popular X-handle that provides updates related to the Avalanche ecosystem, posted the blockchain’s weekly highlights on February 8. The tweet showed that AVAX’s active addresses had dropped in recent weeks.
Weekly avalanche subnet statistics
Total number of subnets: 103
Total blockchains: 76
Total validators: 1730
Total stake amount: 246.23 million AVAX#AVAX #Avalanche $AVAX pic.twitter.com/fOLxt8Ll4R— AVAX Daily ???? (@AVAXDaily) February 8, 2024
Apart from that, the tweet also mentioned quite a few key statistics. For example, AVAX’s number of subnets reached 103, while the total number of validators reached 1,700.
The blockchain processed more than 7.6 million transactions last week, with a maximum of 215 transactions per second.
As the daily active users graph dropped, AMBCrypto checked Artemis’ data facts to better understand the status of Avalanche’s network activity. Surprisingly, we found that Avalanche’s daily active addresses have actually increased in the recent past.
Source: Artemis
Thanks to that, the number of daily transactions on the blockchain also received an upward boost. Things in terms of captured value also looked quite optimistic. This was evident from the increase in both Avalanche’s fees and revenues.
AVAX’s performance in the DeFi space also looked promising as its TVL rose last week.
Source: Artemis
AVAX pumps
AMBCrypto reported rather that if AVAX managed to overcome the USD 36.2 resistance level, the possibility of the token hitting USD 43 was high.
AVAX gained bullish momentum in the past few hours as its price rose. According to CoinMarketCapIn the last 24 hours alone, AVAX is up more than 8%.
At the time of writing, AVAX was trading at $39.16 with a market cap of over $14.3 billion, making it the ninth largest crypto.
The good news was that the token’s volume also rose along with its price, meaning investors traded AVAX at the higher price. To further check if the uptrend would last longer, AMBCrypt looked at Avalanche’s daily chart.
Realistic or not, here it is AVAX market cap in BTC‘s conditions
The token’s MACD suggested that the bulls controlled the market. The Chaikin Money Flow (CMF) also registered an upswing, indicating that investors could witness a sustained price increase.
However, the Relative Strength Index (RSI) was about to enter overbought territory. This could increase selling pressure on Avalanche, causing the price to drop in the coming days.
Source: TradingView