Apart from the launch of this new update, several positive developments have happened in the AVAX community lately. These have added value to the blockchain. AVAX’s price also corresponded to those developments, as it registered a 2% gain in the last 24 hours.
At the time of writing, AVAX was trading at $18 with a market capitalization of $5,325,276,801. Though the developments look promising, the real question is whether they can help AVAX start its next bull-rally.
AVAX has gone through with a number of partnerships with several other players in the market. These have helped increase the popularity of the blockchain and the services it offers. The most recent one being Avalanche’s collaboration with Boba Network, which is a multi-chain Layer-2 scaling solution.
According to the official tweet, this partnership will enable faster transactions at lower costs.
1/ We’re over the slopes to announce our partnership as an official scaling solution for @avalancheavax 🌟
Avalanche offers blazing fast speeds, low costs, and eco-friendly solutions: Boba AVAX L2 holds true to those values and enhances it further! pic.twitter.com/hhj5wrCIll
— Boba Network 🧋 x 🔺 (@bobanetwork) September 21, 2022
Interestingly, AVAX also recently ranked the first in the list of top Avalanche projects with the highest bullish sentiment. This news complimented the recent uptick in AVAX and suggested brighter days ahead of us.
Top Avalanche Project with Highest Bullish Sentiment$AVAX @avalancheavax$SUSHI @SushiSwap$AMPL @ampleforthorg$XAVA @AvalaunchApp$LVM @LakeviewMeta$JOE @traderjoe_xyz$DYP @dypfinance$INSUR @InsurAce_io$BIFI @beefyfinance$PSP @paraswap#AVAX $AVAX pic.twitter.com/9LuzQwelMt
— AVAX Daily 🔺 (@AVAXDaily) September 23, 2022
What to expect next?
A few on-chain metrics were also in favor of AVAX as they suggested a further surge in its price in the coming days. For instance, AVAX’s development activity increased considerably over the last week, which can be taken as a positive signal as it reflects developers’ efforts in improving the blockchain.
The NFT space also displayed some action as the total number of NFT trade counts spiked last week along with social volume. However, the social volume registered a decrease after the surge.
Interestingly, CryptoQuant’s data revealed that AVAX’s Relative Strength Index (RSI) and stochastic were in neutral positions, suggesting the market can go in any direction. Considering all the positive developments happening in the network, we can expect AVAX to perform better in the next week.
AVAX’s daily chart also suggested a similar outcome as most of the market indicators were in its favor. AVAX’s On Balance Volume (OBV) registered an uptick, which is a bullish signal. Moreover, the Bollinger Bands (BB) suggested that AVAX’s price was in a crunched zone. This increased the possibility of a northbound movement soon.
However, the Chaikin Money Flow (CMF) was in a neutral position and the Exponential Moving Average (EMA) Ribbon indicated sellers’ advantage in the market, which might cause hindrance in AVAX’s next bull run.