The Avalanche price has been one of the best-performing cryptocurrencies this year, jumping by over 133% from its year-to-date low of $14. This article highlights some of the key reasons why the AVAX coin may continue to surge in the coming weeks.
Avalanche Addresses, Transactions, and Fees are Soaring
One of the bullish catalysts for the Avalanche price is that its most important metrics are surging this year.
Nansen data shows that the number of transactions in the network increased by 234% over the last 30 days to 51.3 million, while the number of active addresses rose by 20% to 746,650. Total fees collected in this period rose by 77% to $1.12 million.
These numbers have coincided with the ongoing performance in the decentralized finance network, where the total value locked (TVL) has increased by 14% over the last 30 days to exceed $3.38 billion. It has overtaken chains like Sui, Polygon, and Aptos.
Additional ecosystem data reveals that Avalanche’s network boasts over $2.14 billion in stablecoin market capitalization, while its 24-hour DEX volume surged to $864 million.
It processed transactions worth approximately $14.7 billion over the last 30 days, making it one of the largest chains in the crypto industry.
The other notable ecosystem metric is that it is now the seventh-largest player in the real-world asset tokenization industry, with its assets having jumped to nearly $400 million. This figure is expected to surge once Anthony Scaramucci’s Skybridge Capital launches its $300 million fund on the network.
Avalanche is likely to continue growing after securing major partnerships with prominent companies such as Toyota, FIFA, Grove Finance, and Janus Henderson.
AVAX ETF and Treasury Holdings
In addition to its strong ecosystem growth, the AVAX price will likely benefit from the ongoing accumulation by some treasury companies.
AVAX One, a Nasdaq-listed company formerly known as AgriForce, plans to buy tokens worth over $700 million. It recently appointed Scaramucci as a senior advisor.
Avalanche Foundation plans to raise $1 billion, which it will use to accumulate more AVAX tokens.
At the same time, the Securities and Exchange Commission is considering the approval of AVAX ETFs by companies such as VanEck and Grayscale. Existing data indicate a robust demand for crypto ETFs among American investors.
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Avalanche Price Technical Analysis
The daily timeframe chart shows that the AVAX price bottomed at $14 earlier this year and has now jumped to over $35. It is hovering at the 50%Fibonacci Retracement level, while the 50-day and 200-day Exponential Moving Averages have formed a golden cross pattern.
The Avalanche price has moved above the important level of $27.30, the highest point reached in May and July this year.
Therefore, the most likely scenario is that the AVAX crypto coin drops and retests the support at $27, then resumes the uptrend. If this happens, the coin will next jump to the key point at $56, the highest level in November.
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