Avalanche (AVAX) has been experiencing exponential growth in activity since May. According to data published by analyst Lennaert Snyder, the trading volume on the network has surged by 585% in just three months.
This impressive increase in activity indicates that more and more users and projects are confidently choosing AVAX, contributing to a stronger ecosystem.
At the time of writing, AVAX is trading above $23, up slightly 1% on the day and down 7% over the past week. Despite the price correction, network activity continues to maintain a growth trend.
Notably, AVAX has slipped out of the bullish channel after failing to hold above the $24 threshold, coinciding with the Fibonacci retracement level of 0.618. The coin is currently below both the 50-day moving average ($23.5) and the 100-day moving average ($23.6) — levels that traders typically monitor to determine short-term trends.
The crossover between the two moving averages indicates that bearish pressure may persist. If the current trend continues, the next key support zones are around $22.65 and $21.85. Meanwhile, the Bull Bear Power indicator has only emitted a rather weak recovery signal, suggesting that buying pressure has not truly returned.
Surge in wallet numbers and corporate interest.
Avalanche has surpassed the milestone of 50 million unique wallet addresses, reflecting a steady pace of user expansion. According to on-chain data, AVAX currently ranks second in average monthly trading volume per user, reaching $206,000, only behind Ethereum.
Not only individual users but also major corporations are tapping into the potential of this network. Toyota recently published a whitepaper on a next-generation mobility platform based on Avalanche.
Meanwhile, SkyBridge Capital announced plans to tokenize $300 million in assets on the network, demonstrating the growing interest in Avalanche for practical applications.
Avalanche becomes the top choice for stablecoins and tokenization.
Recent developments indicate that Avalanche is emerging as a significant platform for stablecoin projects and tokenized assets linked to the real world. In the United States, a stablecoin issued by the state of Wyoming has chosen Avalanche as its deployment network, marking a shift from Ethereum — the platform that has long been the preferred choice for similar projects.
On the other hand, Japan has also approved a stablecoin pegged to the yen, expected to launch on Avalanche. These moves reflect the increasing interest from institutions in leveraging Avalanche for practical applications and innovations.
