The anticipation of an upgrade has led to an upward trend. On the 26th (local time), Avalanche was up 8.01% from 24 hours ago on the cryptocurrency market website CoinMarketCap, 29.
The price of the cryptocurrency recorded a record high of $22 (approximately 4,245 yen). This is a 9.65% increase from seven days ago. On the same day, The Avalanche Foundation
The Avalanche Foundation is launching a $40 million grant program to support developers building Layer-1 blockchains on the Avalanche Network.
The program, called Retro9000, was developed by developers to be used on the Avalanche Network ahead of the long-awaited upgrade of the Avalanche 9000.
The aim is to encourage more active users on the network. On the 3rd, the Avalanche Foundation announced that "Avalanche 9000 is the largest blockchain network in the world since the mainnet launch in September 2020.
"This is our largest network upgrade to date and will drive scalability, improve cost-effectiveness and enhance the developer experience."
As the network becomes more attractive to developers and users, demand for AVAX will likely increase, driving the price up.
From a technical perspective, AVAX is trading in the critical demand area between $27 and $28.65.
If the price of AVAX declines within this area, it will suggest that a relatively strong support is forming.
If buyers gather near this support line, it could push the price of AVAX higher.
If so, the token price could rise towards its May 22 high of $41.78, which is a steep rise from current levels.
This represents a rise of about 42% from the previous level. The importance of this support area is confirmed by on-chain data from IntoTheBlock.
According to the "Instant Money Around Price (IOMAP)" model, AVAX has relatively strong support compared to the resistance it is facing during the recovery.
For example, the 200-day EMA is in a price range of about $27.51 (about 3,994 yen) to $28.44 (about 4,128 yen), and within this range, about 191,230 addresses
Further supporting the positive outlook for AVAX is the total deposit value (TVL) data, which reflects the growth within the project's ecosystem.
TVL analysis helps understand how much interest investors and developers have in blockchain. TVL is the most common form of banking in decentralized finance (DeFi) projects.
Similar to deposits, they can also influence market direction. According to data from DefiLlama, Avalanche's TVL is increasing along with the price, reaching 7.5 on August 5.
The value of AVAX has risen from $117.4 million to $1 billion today, an increase of 43.5%. During the same period, the price of AVAX has increased by more than 50%.
This increase in TVL indicates increased user interaction with the blockchain, which will translate into increased demand for AVAX tokens.
High demand is usually a teaser for a larger price increase.
2024/09/27 11:38 KST
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