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Avalanche price surges as active wallet count rises 80%
- Avalanche (AVAX) price surged 9% to over $18 due to easing geopolitical tensions.
- The spike in AVAX price coincided with a significant increase in on-chain activity, including active addresses and transactions.
- AVAX, along with other cryptocurrencies, gained after Israel and Iran agreed to a ceasefire, potentially paving the way for AVAX to reach $30 or higher in the near future.
- Avalanche saw a surge in on-chain activity, with over 1.13 million transactions processed in the last 24 hours.
- Active addresses on the Avalanche network increased by 80%, reaching 194.8K.
- Platforms like OpenSea, Tether, and Bybit played a significant role in driving this spike in activity, particularly in NFT trading and stablecoin transactions.
- The recent Avalanche9000 upgrade, aimed at enhancing scalability and transaction efficiency, likely contributed to the increased network engagement.
- Developers and users are leveraging Avalanche's high-performance infrastructure, solidifying its position as a competitive player in the blockchain sphere.
- Technical analysis indicates a positive trajectory for AVAX, with potential resistance levels at $19.81 and $22.54.
- The moving average convergence divergence indicator and relative strength index support a bullish trend for AVAX.
- The surge in AVAX price and network activity reflects growing interest and adoption of the Avalanche blockchain.
- Overall, Avalanche's performance signals potential growth and competitiveness in the cryptocurrency market.
- The post was originally published on CoinJournal.
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