After Avalanche’s 20% Weekly Spike, Can AVAX Reclaim the $35 Level?
- Larger market gains strengthened AVAX’s existing bullish trend.
- Avalanche recorded an all-time high daily transaction count alongside healthy price action.
- While AVAX bulls are targeting the $35 level, there are still some speculations about the coin’s trajectory.
Avalanche (AVAX) has been on most crypto traders’ watchlist after the altcoin’s recent 30% price appreciation from the $22 level. At the time of writing, AVAX had reclaimed the 12th rank in the cryptocurrency space by market capitalization, trading at $29.06, noting a 5% rise on the daily chart.
With larger market gains, many in the market expect another round of price appreciation towards the $35 level for AVAX. So, with fundamentals for Avalanche looking decent, what’s in store for the altcoin?
New Milestones For Avalanche
In the late trading hours of the Asian session, on August 9, the Avalanche network reached a new milestone as the coin saw its highest recorded daily transactions. AVAX’s daily transaction count reached an all-time high as the indicator breached the 1.51 million transaction mark.
While the high transaction indicated increased interest or optimism in the market for the ecosystem, it wasn’t the most impressive thing. One of the most amusing things about AVAX’s high transaction count was that on August 9, the coin noted a higher transaction count than that of Ethereum, Arbitrum, and Optimism combined.
AVAX’s price rally primarily took off around August 6 with a 9% rise in price. Many crypto analysts were of the opinion that the coin’s bullish momentum could be attributed to the growth of Avalanche-based NFTs.
On August 9, the trade volumes of Avalanche-based NFTs saw a 30% rise. Furthermore, NFT sales also presented a close to 10% rise over the same time.
In addition to that, Robinhood announced support for Avalanche and Stellar (XLM), further aiding the bullish momentum flourish.
AVAX Bulls Eye the $35 Level
AVAX’s price saw the lowest price level of $13.75 just last month; however, the coin’s quick recovery has instigated optimism for the token investors.
Notably, AVAX presented signs of a strong recovery from the larger downtrend that the altcoin has seen for over four months. The bullish reversal has pushed the altcoin’s price by over 110% from the lower price levels seen in June 2022.
In the short term, AVAX’s price establishing above the psychological level of $30 could further aid market momentum for bulls.
In the short-term, AVAX’s next resistances that bears could defend would be the $36 and $51 levels.
That said, daily trading volume over the last 24 hours from press time was up by 22%, indicative of a renewed retail momentum for AVAX. Since AVAX’s price jumped above the key $28 resistance, chances of the coin seeing the $35 mark are high unless bears take the lead.