Does Avalanche’s (AVAX) 20% Weekly Gain Mean It Can Again Challenge $35?

• The general improvement in market conditions lent additional support to Avalanche’s already present bullish trend.
• In the midst of impressive price action, the Avalanche blockchain recorded an ATH daily transaction count.
• The price of the coin is still subject to some conjecture, despite the fact that bulls have set their sights on $35avanlanche

As a result of its recent 30% price increase from $22, Avalanche has garnered a lot of attention in the cryptocurrency community. At the time that this post was being written, Avalanche had moved back up to the 12th position on the list of cryptocurrencies based on market cap, with its price having increased by 5% in the previous 24 hours to $29.06. The gains seen across the market as a whole led many people to anticipate another wave to the upside for Avalanche to explore $35. What should investors expect from AVAX going forward, given that the fundamentals of the alternative appear to be satisfactory?

New Avalanche’s Landmarks

The Avalanche blockchain achieved a new benchmark during the late Asian session on August 9th, when the alternative cryptocurrency witnessed a record high daily transaction volume. The number of daily transactions processed by Avalanche reached a new all-time high when the metric passed the mark of 1.51 million transfers.

Even though the high transaction suggested an increased sense of optimism or interest among market participants, it was not the most appealing thing. The most remarkable aspect of Avalanche’s record-breaking transaction volume was that the altcoin surpassed Ethereum, Optimism, and Arbitrum collectively (in transaction count).avanlanche

The 6th of August marked the beginning of the price surge for Avalanche, which was preceded by an increase of 9%. There was a widespread consensus among cryptocurrency industry professionals that the rise in popularity of NFTs built on the AVAX platform was the impetus behind the token’s upward trend. On August 9, trading volumes for AVAX NFTs increased by 30%.

In the same period, NFT sales also increased by nearly 10 percent. In addition to that, Robinhood has announced their support for the cryptocurrencies Stellar (XLM) and Avalanche (AVAX). And the strength of the bullish case was increased as a result of that.

Bears Expect AVAX to Trade Around $28

During the previous month, the price of AVAX fell to its all-time low of $13.75. Traders’ optimism, on the other hand, was amplified by an alternative cryptocurrency following a swift recovery. Notably, Avalanche showed a massive recovery signal from the massive downward trend that had plagued the token for more than four months. This development is notable because the downtrend had plagued the token for so long.

AVAX, meanwhile, had risen by more than 110% from its lowest point in June 2022 thanks to the upside reversal. If the price is able to close above the psychological barrier of $30, it could lend support to additional bullishness in the near term.

The price of Avalanche is expected to meet some short-term resistance at $36 and then again at $51. In the meantime, the trading volume of the asset increased by 22% over the course of the previous twenty-four hours, indicating that renewed retail pressure is being exerted on AVAX. After surpassing the crucial $28 resistance level, the altcoin’s chances of reaching $35 improved.

Ira Lichi / Shutterstock is responsible for the accompanying editorial image.