- AVAX trades at $18.44, and could jump to $30 if there is fresh upside momentum.
- OnThe -chain data indicates a rise in sentiment and social volume, which could point to an increase in retail activity.
- Avalanche The number of daily active users increased by 62% last week.
Avalanche Price is up 1.5% at the time of writing and slightly more than 14% over the past month.
While The token of this Ethereum Comparable to top coins in market cap, a competitor has not seen a significant price increase. However, data from on-chain suggests that a new catalyst could cause AVAX/USD to surge.
Avalanche (AVAX), price-on-chain metrics suggest bullish potential
AvalancheAccording to one on-chain metric, ‘flashing signals of an upward momentum are evident. SantimentA brief overview of the Avalanche According to the social volumes indicator, current sentiment has been higher for this coin than when AVAX prices reached their year-end highs of $21 In February.
The The positive weighted sentiment and social volume will increase. Avalanche The cryptocurrency has a bullish outlook after the latest pullback Santiment noted.
According AVAX/USD was the on-chain data platform “minimal social volume and sentiments were stagnant,” During the run up to $21. The The stark increase in these metrics shows the difference between now and then.
As such, Avalanche The tokens are set to benefit from a possible uptick in retail sales. This outlook could lead to a period of sustained gains.
📈 The Latest community insights published by the #DCXResearch Team notes that in February 2023 when the price #Avalanche At $21, there was little social volume, and sentiments were low. HoweverDuring the current pullback, there was a noticeable increase in both pic.twitter.com/Qb4qD9dt0x
— Santiment (@santimentfeed) April 12, 2023
“This is an interesting trend, as social volumes have significantly increased, indicating a potential leading indicator that will be picked up by retail segment in price movement in coming near future,” Santiment It commented on AVAX’s price movements.
On 10 AprilWeb3 platform Token Terminal shared Details on Avalanche This showed that daily active users on the network had increased by more than 62% during the week.
Daily Activity on @avalancheavax up to 62.8% during the last week📈 pic.twitter.com/dCkoaZuXdP
— Token Terminal (@tokenterminal) April 10, 2023
Avalanche Current trades at $18.44, and could climb 22% if it reaches the $22 mark February peak. The Next target would be $30. That would mean an increase of 64% from current levels.
