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Can Avalanche (AVAX) Reclaim $35 Mark Following 20% Weekly Surge?

  • The broad market upside strengthened Avalanche’s existing upward trend.
  • Avalanche registered an ATH daily transaction count amidst impressive price action.
  • While bulls target $35, the coin’s trajectory still has some speculations.

Avalanche has attracted many in the crypto world following its latest 30% price surge from $22. While publishing this post, Avalanche had regained the 12th position in the crypto list by market cap, changing hands 5% 24hr up at $29.06. The broad market gains had many expecting another upside wave for Avalanche to explore $35. So, what next for AVAX as the alt’s fundamentals appear decent?

New Avalanche’s Milestones

The Avalanche blockchain hit a new milestone during 9 August’s late Asian session as the alt witnessed a record high daily transactions. Avalanche’s daily transaction count hit an ATH as the metric surpassed the 1.51 million transfer mark.

Though the high transaction suggested surged optimism or interest within the marketplace, it was not the most attractive thing. The most impressive thing about Avalanche’s record high transactions was the altcoin surpassed Ethereum, Optimism, and Arbitrum combined (in transaction count).

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Avalanche’s price rally started on 6 August, following a 9% uptick. Many cryptocurrency experts believed that the growth of AVAX-based NFTs triggered the token’s bullish strength. AVAX NFTs recorded a 30% uptick in trade volumes on 9 August.

Moreover, NFT sales also displayed a nearly 10% surge within that timeframe. Besides that, Robinhood declared support for Stellar (XLM) and Avalanche (AVAX). And that added to the bullish strength.

AVAX Bulls Target $35

AVAX saw its price hitting the $13.75 lowest level last month. However, the altcoin amplified trader optimism following a quick recovery. Notably, Avalanche revealed a colossal recovery signal from the massive downtrend that plagued the token for more than four months.

Meanwhile, the upside reversal had AVAX gaining over 110% from June 2022’s lowest mark. A closing beyond the $30 psychological level might support further bullishness in the near term.

Avalanche will encounter short-term resistances at $36 and then $51. Meanwhile, the asset’s trading volume within the past 24hrs gained 22%, suggesting renewed retail pressure for AVAX. The altcoin increased the chances of hitting $35 after rising beyond the crucial $28 resistance.

Editorial credit: Ira Lichi / shutterstock.com

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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