Avalanche [AVAX] witnessed a substantial drop in its C-chain network activity last week, while its price registered a promising uptick
Avalanche’s network activity drops by double digits over the last week at a time when the token’s price gains bullish momentum.witnessed a substantial drop in its C-chain network activity last week. The episode was worrying, as it happened at a time when the entire crypto market was in a bullish phase.
Though network activity dropped, AVAX’s price managed to correspond to the bullish market as its price surged by double digits in the last seven days.AVAX Daily, a polar X handle that posts updates related to the Avalanche ecosystem, recently posted a tweet highlighting the blockchain’s C-chain’s performance from the last week.As per the tweet, the blockchain’s value stood at 5.2 million, which was a drop of nearly 34% from last week.
It was interesting to note that while the blockchain’s network activity dropped, its staking ecosystem witnessed a boost last week., AVAX’s price rose by more than 14% in the last seven days. In fact, in just the last 24 hours, it went up by over 7%. At the time of writing, AVAX was trading at $10.65 with a market cap of over $3.7 billion, making it the 20th largest crypto.
Not only that, but AVAX’s trading volume has also surged substantially, alongside its Development Activity. AVAX’s demand in the derivatives market was also high, as evident from its green Binance Funding Rate.’s daily chart pointed out quite a few bullish indicators. For example, the MACD displayed a bullish edge in the market. Its Money Flow Index went upward and was resting well above the neutral mark of 50.
However, Avalanche’s Chaikin Money Flow looked concerning as it registered a downtick, which could restrict AVAX’s price from rising in the coming days.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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