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Avalanche’s (AVAX) fundamental growth continues

The Avalanche network ecosystem has experienced significant growth since the beginning of 2023. The data shows that the daily consumption of gas in this network has grown at an extraordinary rate since the beginning of the year.

According to Valx and quoted by Ambcrypto, one of the possible reasons for such an increase could be the increase in the number of new smart contracts deployed in this network. According to Dune Analytics service statistics, the number of smart contracts in this network increased by 30% in January compared to the previous month. This figure for February is 75%.

Daily consumption of gas in the Avalanche network

Since the beginning of the new year, Avalanche network has started attractive collaborations to increase the attractiveness of its network. In January, Avalanche signed a cooperation agreement with Amazon Web Services (AWS) to promote the use of blockchain technology.

At the beginning of the week, the news of signing a cooperation agreement with the Indian streaming platform Loco to launch a game market was published. This news was a significant development in the field of GameFi for the Avalanche network.

These contracts led to the improvement of the social indicators of the Avalanche network. According to statistics, mentions of this platform in social networks have grown by 16% in the last week.

Last week we saw the growth of the NFT tokens field on the Avalanche network. According to statistics, until January 23, the trading volume of NFT tokens increased by 55% compared to the previous day. The number of transactions also increased.

Data from the CoinMarketCap website shows that the price of Avax (AVAX) reached its lowest point on January 13. The price of this asset has increased by 14% since then.

The number and volume of NFT transactions of the Avalanche network
The number and volume of NFT transactions of the Avalanche network

On February 19, Avalanche price crossed the $19.54 resistance. This level quickly acted as a support for the price. This could be a bullish signal for the price.

AVAX and OI Avalanche price chart
AVAX and OI Avalanche price chart

Avalanche’s Relative Strength Index (RSI) has dropped but is still above the neutral level of 50. The MACD indicator almost overlapped with the signal line, which makes it difficult to predict the next move of AVAX.

Two technical measures MACD and RSI of the Avalanche network
Two technical measures MACD and RSI of the Avalanche network

Avalanche saw a growth in open interest (OI) measure. The growth of this indicator indicates that new positions have been opened, which can help the price situation in the short term.

The post Avalanche (AVAX) Fundamental Growth Continues appeared first on Valax Blog. appeared.

Amirim

hello my name is amir; i love bitcoin and dogecoin 🎯

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