With a 65% increase in value over the past week, Avalanche (AVAX) has risen to the top of this week's top ten cryptocurrency rankings. Its recent price increase to $36 puts it in the top ten digital assets by market valuation.
Many $AVAX holders have reaped benefits from the recent upward trend in pricing. Even while the percentage of holders in profit has increased, the general attitude has remained same.
New data from IntoTheBlock shows that over 50% of Avalanche holders managed to keep their assets profitable. Its research shows that about 70% of holders have been financially successful.
Trade volume is high, a key sign that the rally will continue, thanks to this week's exceptional outcomes. During the accumulating phase of the bear market in August 2022, it boosted the cryptocurrency over its original lower high. This is worth noting.
Despite a lack of significant buying and selling activity, the price of an Avalanche token remained relatively stable for over three weeks, moving only $20 to $24.
Recently, AVAX gained momentum and saw a 15% rise; therefore, the price surpassed a significant resistance level. As the price of the currency hovered around its $28 resistance level, it saw a further 15% increase.
The gradual ascent of Avalanche may be attributed to a multitude of factors, all of which are heavily influenced by significant changes in its environment. The strategic focus on two fascinating crypto narratives—gaming and real-world assets (RWAs)—has led to the platform's surge.
Tokenization of RWA fuels Avalanche's expansion! @avax is notable since its value has doubled in the past two weeks and increased by 166% in the past month.
Avalanche RWAs were recently explained by crypto analyst Unit Network. Avalanche is in the forefront of the effort to tokenize RWAs, which Bernstein predicts will amount to $3 trillion in the next five years, to fulfill market demand.
Unit Network found that JPMorgan Chase, Bank of America, and Citigroup are among the big institutions utilizing Avalanche and its subnets to develop RWA solutions.
Meanwhile, according to Santiment's statistics, Avalanche has consistently maintained a volume above $1 billion. Upon analyzing the volume trend, it was found that both the price and the volume climbed at the same time, suggesting a robust and consistent rise.
A technical analysis of the coin's MACD shows that there is more purchasing pressure than selling pressure in the market, as it is displaying a considerable increase in the histogram. Also, the averages on the chart are showing a sharp uptrend, which bodes well for the price's future performance.
