- AVAX held on to the support zone at $ 35 because its price action has not been hausseartad in recent weeks
- Metricians on the chain revealed steadily growing activity and potential demand for AVAX
Avalanche (AVX) has held at the $ 35 support zone over the past month. In fact, a new report noted that liquidation clusters Under $ 34.72 could pull the price south. Based on the technical analysis, the $ 35 support zone also seemed to be a must-keep area for the bulls.
Failure here can push the price to $ 28.5 on the lists.
Source: Intothock
The correlation matrix from intotheblock revealed that Avax moved alongside Ethereum (ETH). However, ETH has had a hard time being haus -like in recent weeks.
Encouraging of development and activity on the chain
Source: Frill
Since 2021, Core Developer Numbers and the number of commitments have increased.
These figures have been declining since June 2024. And yet, at the press time, they were higher compared to the end of 2021. This seemed to be hooked in the long term. The volume did not match the end of 2021, but has taken up noticeably in recent months. Long -term growth is needed to drive demand and thus the price of AVAX.
Source: Frill
The total value that is locked (TVL) has fallen a lot since the 2021 heights of $ 11.44 billion. While these transactions have slowly grown in recent months, they have not been close to challenging the late 2023 heights or the heights of 2022.
However, the large positive inflow two weeks ago was exciting. Figures for the same indicated an increase in capital or assets deposited in the defi protocol, such as funds added to liquidity pools or bets. It can be interpreted to be a positive signal, especially since the inflow has generally been positive over the past two months.
Source: Intothock
New and active addresses also have trends higher over the past two months. This is a sign of potential demand for Avax.
Data from Intotheblock also registered a hike in the total addresses without a zero balance over the Avalanche network. This number has expanded from 3.42 million in May 2023 to 9.64 million in January.
Is your portfolio green? Verify Avalanche companies
Overall, measurement values on the chain revealed steady growth in relevant measurement values in recent weeks and months. The decline in development activity is just a minor concern for now. But Stablecoin Market Caps Release earlier this month may be a concern for the bulls.
