Renowned as a high-performance Layer 1 (L1) blockchain designed for customizability, speed, and scalability, Avalanche (AVAX) continues making significant strides in crypto.
According to market analyst Crypto King, “Avalanche has seen a sharp rise in on-chain activity, with the 7-day moving average of transactions surpassing 1 million — its highest level in over a year.”
By reaching a 1-year high in terms of transactions, Avalanche’s significant recovery and growth in network usage cannot go unnoticed.
This development suggests that the AVAX network is continuously maturing. One of its unique features is the Avalanche Consensus, which enables scalability without sacrificing security or decentralization.
Furthermore, this network enables developers to build custom blockchains called subnets based on their governance models, tokens, and rules.
Avalanche also supports Ethereum Virtual Machine (EVM), which allows developers to easily port over Ethereum-based smart contracts and decentralized applications (dApps).
Is Avalanche Forming a Bullish Reversal Pattern?
According to market insights provider Pinnacle Charts, “AVAX is bouncing from a strong support zone, forming a potential falling wedge — a bullish reversal pattern. The price is near the 0.786–0.618 Fib zone (golden pocket) and appears oversold, with signs of an early breakout. Targets are around $20.20 – $21.17 if momentum builds.”
Source: Pinnacle Charts
At the time of this writing, AVAX was hovering around the $18.00 zone with the 17th-largest cryptocurrency showing renewed spirits for a bullish run to the psychological price of $20.
Meanwhile, Avalanche’s adoption continues to tick, given that FIFA is tapping into its network since the world’s football governing body intends to build its blockchain, which will aid in creating new products for its vast user base.
