Avalanche [AVAX] It has made quite a bit of noise in the crypto industry as there have been many valuable developments in its network recently. This has caught the attention of many traders.
For example, it was recently revealed that the number of AVAX transactions reached an all-time high of 3,916,369, including all subnets.
1 / number of transactions
The number of daily ATH transactions reached on September 17, 2022 with more than 3916369 transactions including all subnets.The DFK subnetwork accounts for ~92% of the total txn and the remaining 8% belong to the C-Chain and Swimmer Network respectively,
– Avax Daily 🔺 (@AVAXDaily) 25 September 2022
In addition, the amount of gas used increased significantly to an all-time high (ATH) of 722,479,684,418 gas in the following days.
This development looked very promising for the tokens as they represent more activity on the network. However, the question remains whether these have the potential to bolster the next upside for Afax in the coming days.
What do the measurements indicate?
The above updates indicated the value of more active users. Interestingly, the number of addresses ranged between 36,000 and 40,000 while the number of transactions increased.
Therefore, it can be said that the reason for the rise was due to already active addresses and not new users. Interestingly, the avalanche celebrated its second anniversary last week.
🎉🔺 happy birthday 2
On September 21, 2020, the first config code was made publicly available on the mainnet. Since then, it’s been two years full of growth, innovation, resilience and community.
Let’s keep pushing the boundaries of what is possible #Avalanche pic.twitter.com/yGoPWWfrE6
– Avalanche 🔺 (avalancheavax) September 21, 2022
Moreover, this development was not reflected in the AVAX chart as it posted a negative 3% gain over the 24-hour period. At the time of writing, AVAX is trading at $17.05 with a market capitalization of $5,043,721,718.
However, look at faxThe s metrics painted a brighter picture of the token’s future, with most hinting at an increase.
For example, AVAX development activity has increased significantly in the past week, which is a positive sign for the blockchain.
Source: Unsplash
Despite all the positive updates, AVAX failed to impress investors. This was evident from the reading of social size scales, which recorded a decline. In addition, AVAX’s trading volume has also fallen sharply, which is a negative sign for the coin.
What can you expect?
All developments in the AVAX network with scaling values ​​gave mixed signals.
Interestingly enough, CryptoQuant data showed that faxThe Relative Strength Index (RSI) was oversold, the bottom market indicator. Thus, northward price movement can be expected.
However, the decline in popularity of AVAX and its low trading volume may limit its price appreciation.
Source: CryptoQuant