Recently, the on-chain data from Santiment shows that Avalanche (AVAX) is likely to observe a renewed upward momentum in terms of its trading prices. According to the metrics indicated by Santiment, the current sentiment for Avalanche is higher than when its price peaked to its YTD highs of $21 in February 2023. This is contrary to that time when the social volumes for Avalanche was minimal with stagnant sentiment. The sentiment and social volumes have since increased considerably and this indicates that the cryptocurrency could experience a heightened period of price retention.
In addition, on 10 April, Token Terminal provided an insight on Avalanche which revealed that the daily active users on the network had risen up by an impressive 62% in the preceding week. This added to several consumer-centric points like its scalability, interoperability and low latency which are fundamental bonuses to its adoption.
At the current level of trading prices, the current 24 hour-adjusted trading volumes for Avalanche registers slightly above the $400 million mark. As the influence of the current bullish sentiments is felt in the new days, its trading quantity could go further up in the coming weeks. With that influencing its prices, Avalanche has the potential to rise up by an additional 22%, to its peak of February 2023. Thereafter, it could cross $30.00 with a 64% jump, acting as another short-term price target for investors.
Isabel Hall
- 2023-04-12
Could Avalanche See Prices Rise Over Coming Weeks?
Avalanche (AVAX) is likely to observe a renewed upward momentum in terms of its trading prices, according to on-chain data from Santiment. The daily active users on the network have risen up by an impressive 62% in the preceding week, suggesting that investors may benefit from the cryptocurrency’s potential to rise up by an additional 22%.
