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Following the false announcements regarding spot BTC ETF applications, the cryptocurrency market, including Avalanche (AVAX), witnessed significant increases in some altcoins, eliciting various reactions.
Notable Price Increase in AVAX
AVAX’s recent price surge is noteworthy, yet concerns about the sustainability of this rally are growing. At the time of writing, AVAX reflects an impressive 12.9% increase over the last 24 hours, trading at $38.53. Despite the rise, a closer look at AVAX’s price movement over the past month reveals a downtrend marked by lower lows and lower highs. The Relative Strength Index (RSI) of AVAX also showed a decline during this period, signaling a decrease in upward momentum.
Although the social volume around AVAX has increased, indicating a rise in discussions and interactions, sentiment has decreased. This could mean that negativity related to AVAX is still prevalent on social networks and platforms. Such negative sentiment could hinder AVAX’s future growth prospects. Amidst the price movement, the Avalanche network experienced an increase in NFT activity. A development within the SteadyNFT collection managed to generate $430,000 in revenue in just 6 minutes.
Significant Revenue in NFT Business
The new NFT business is adding significant volume and activity to the ecosystem. The flow of activity around NFTs could positively affect the Avalanche network and attract more creators to the platform in the future. Beyond NFTs, the overall activity and transaction volume on the Avalanche network have also shown growth in recent months. This increase in network activity could be a good sign for AVAX, potentially strengthening its position in the broader crypto environment.
While the DeFi sector, measured by the network’s Total Value Locked (TVL) and Decentralized Exchange (DEX) volumes, shows upward momentum, development activities have declined. The decrease in development activities could indicate potential delays in new updates and upgrades on the network, which may make it more challenging for Avalanche to attract new users in the future.
