The AVAX price has formed a rare golden cross pattern, indicating further gains as the number of transactions on Avalanche increases.
Summary
- Avalanche (AVAX) has surged to $36.61, its highest since January, fueled by rapid network growth and expanding adoption.
- Transaction volume jumped 226% this month, active addresses climbed 20%, and fees rose 86%, while total value locked in real-world asset tokenization soared 136% to over $456 million.
- Coupled with a bullish technical setup—including a double bottom, a golden cross, and key Fibonacci levels—Avalanche appears positioned for further upside, with $43.75 as the next potential target.
Avalanche (AVAX), one of the biggest layer-1 networks in the crypto industry, jumped to $36.61 this week, its highest level since January. It has spiked by 135% from its lowest level this year.
Avalanche transactions jump
Nansen data shows that Avalanche was the fastest-growing blockchain network in the crypto industry this month. Its transaction jumped by 226% during the month to 50.43 million.
Its active addresses also jumped by 20% this month to 747,545, while its fees soared by 86% to $1.1 million. This growth happened as Avalanche gained market share in key industries in the crypto industry.
For example, Avalanche’s total value locked in the real-world asset tokenization industry rose by 136% in September to over $456 million. This growth was driven by companies like Circle, Avant Protocol, and Tether.
Avalanche’s role in the RWA industry will continue growing as Anthony Scaramucci prepares to launch his tokenized fund on its chain.
Additional data indicates that the supply of stablecoins in its network increased by 16% to $1.9 billion. The number of stablecoin addresses rose by 11% to over 264,0000.
Meanwhile, Avalanche’s liquidations have slowed in the past few days. The liquidations jumped to almost $10 million on Monday and then dropped to $1.36 million today.
AVAX price technical analysis
The daily chart indicates that the AVAX price has formed a double-bottom pattern around $15, with a neckline at $27.30. It has also moved above the neckline, and most importantly, it recently formed a golden cross pattern as the 50-day and 200-day moving averages crossed each other.
A golden cross is one of the most bullish patterns in technical analysis. It has also moved to the 50% Fibonacci Retracement level and is approaching the ultimate resistance level of the Murrey Math Lines.
Therefore, the most likely AVAX price forecast is bullish, with the next target being at $43.75 — the extreme overshoot level.
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