As Avalanche [AVAX] metrics see an uptrend, will its price follow
- Avalanche has launched its new Evergreen Subnets with additional features.
- On-chain performance remained decent and was suggestive of an upcoming price hike.
Avalanche’s [AVAX] network value has shown signs of recovery over the past few days. As per DeFiLlama’s data, AVAX’s TVL declined sharply on 17 March. However, since then, it has corrected itself and has grown steadily. Thanks to this update, AVAX grabbed the seventh spot on the list of blockchains in terms of TVL.
Realistic or not, here’s AVAX market cap in BTC’s terms
AVAX Daily, a popular Twitter handle that posts updates related to the Avalanche ecosystem, posted a tweet highlighting AVAX’s weekly TVL dashboard on 6 April. As per the tweet, Flair DEX was the top TVL gainer, as it registered a 200% hike. Apart from Flair DEX, EMDX, Llama Pay, and Steak Hut completed the top five.
Avalanche Weekly TVL Dashboard
@avalancheavax TVL: $5.26B
🥇1st $Ethereum
🥈2nd $Tron
🥉3rd $BNB chainAvalanche Top TVL@Aave @BenqiFinance @GMX_IO @traderjoe_xyz @StargateFinance
TVL gainers@FlairDefi @emdx_io @llamapay_io @steakhut_fi#AVAX #Avalanche #DEFI pic.twitter.com/OzWtIpOHSt
— Hyperliquid Daily (@HYPERDailyTK) April 6, 2023
The growth might continue further
A few developments over the past few days further boosted AVAX’s TVL. One such instance was the launch of Avalanche Evergreen Subnets on 6 April.
Introducing Avalanche Evergreen Subnets 🌲
Institutions want to leverage the power of public blockchain development, interoperability and composability while enabling features historically only possible with enterprise blockchains.
Evergreen gives them the best of both worlds👇 pic.twitter.com/EbziGmGrYY
— Avalanche🔺 (@avax) April 6, 2023
As per the official announcement, Avalanche Evergreen Subnets are a suite of institutional blockchain deployments, customizations, and tooling designed to address company-specific requirements for financial services. The launch looked optimistic for the network, which could fuel further growth over the coming weeks.
What the metrics suggest
It was interesting to see that Avalanche’s revenue has been on a rising trend. The network’s development activity increased over the last week as well, suggesting increased efforts by the developers to improve the network.
AVAX’s popularity also spiked, as evident from its social volume. Considering all the developments, there could be a surge in the network’s value soon.
How has AVAX been doing?
A similar growth trend was also seen in AVAX’s price action. According to CoinMarketCap, AVAX’s price increased by more than 2% in the last seven days. At the time of writing, it was trading at $17.74, with a market capitalization of over $5.7 billion. A look at AVAX’s on-chain performance gave rise to a bullish notion.
How much are 1,10,100 AVAXs worth today?
For instance, AVAX’s volume was relatively high, indicating increased investor interest in trading the token. AVAX’s demand in the futures market was also consistently high, which was evident from its Binance and DyDx funding rates.
LunarCrush’s data revealed that bullish sentiments around AVAX spiked by nearly 50% last week. In addition to that, Avalanche’s Altrank also improved, which is a typical bull signal.
