Despite a recent dip below a key support level, Avalanche (AVAX) shows positive signals with increasing on-chain activity and growing user adoption.
The Avalanche ( AVAX ) cryptocurrency has shown signs of positive momentum in recent weeks and months, despite a decline in development activity. On-chain metrics reveal steady growth in key indicators, suggesting a potential upward trend in the price. While the AVAX price has dipped below the crucial $34.72 support level, technical analysis indicates that the $35 zone remains a significant area for bulls to defend.
This price action, coupled with increased activity in recent months, raises hopes for sustained growth in the long term.Though the total value locked (TVL) in Avalanche DeFi protocols has fallen significantly since its 2021 peak of $11.44 billion, positive inflows over the past two weeks indicate a resurgence of interest. These inflows suggest increased capital or assets being deposited into DeFi protocols, signaling a potential bullish trend. Moreover, the number of new and active addresses on the Avalanche network has been steadily rising, pointing to growing user participation and demand. Data from IntoTheBlock also supports this positive outlook, revealing a substantial increase in the total number of non-zero balance addresses from 3.42 million in May 2023 to 9.64 million in January. While the decline in development activity is a minor concern, the overall positive trajectory of on-chain metrics suggests that Avalanche is on a path to recovery. Sustained growth in these metrics, coupled with increased user adoption and investment, could drive the price of AVAX upwards in the coming months
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