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Avalanche (AVAX) recently reached a significant milestone in stablecoin market value. How did other key metrics respond following the recent success? An analysis of the stablecoin market value metric on DefiLlama shows that the network has reached a level not seen in recent months. According to the data, the stablecoin’s market value is around $1.15 billion.
Stablecoin Market Value Increase
Considering that the stablecoin market value was around $1 billion before a notable decline around November 2023, this increase is quite significant. However, a sharp increase occurred within the last 48 hours, which brought the token to the indicated level. The increase in stablecoin market value indicates a significant cash inflow into the ecosystem. The recent rise in Avalanche’s stablecoin market value did not significantly impact the ecosystem’s total value locked (TVL).
Despite the increase in TVL, it was not as pronounced as observed in stablecoins. At the time of writing, the TVL was at approximately $888 million, showing a more moderate rise. Additionally, an analysis of Avalanche’s transaction volume did not show significant movement recently. Although there were some signs of increase, the general trend was downward. Also, the 24-hour volume was around $150 million.
AVAX Price Analysis
Furthermore, an analysis of network inflows shows that at the time of writing, the inflow was over $3.8 million, marking one of the lowest levels recently. Avalanche’s daily time frame chart showed a consistent upward trend in price over the past eight days, with only two exceptions. On February 9th, AVAX successfully overcame the resistance represented by the short moving average.
It has maintained its position since the specified period. At the time of writing, AVAX was trading at around $41.3, an increase of over 4%. Additionally, the recent upward momentum has pushed it above the neutral line, approaching the overbought zone in the relative strength index (RSI). The prevailing sentiment surrounding the network could contribute further to the price trend if it continues.
