Avalanche Faces Market Pullback But Network Activity Soars
Avalanche’s token price has dipped slightly from its peak above $25,mirroring the broader crypto market’s downturn. Despite this, Nansen data reveals strong on-chain growth, indicating lasting potential.
The AVAX token recently peaked at $25.64 on August 18, building on its rise from $23.40.levels over the previous week.Yet like other altcoins, it felt the marketwide selling pressure. Now trading around $23.61, AVAX lost 5% in 24 hours, matching Bitcoin’s and Ethereum’s retreat.
Nansen Shows Avalanche’s Network Thriving
Avalanche’s network activity has surged, despite the market pullback. On-chain data from Nansen highlights this growth. Daily transactions have more than doubled in the past month, hitting over 1.3 million per day from about 500,000.
- Avalanche daily transactions jumped 100%
- Moved from 500K/day to 1.3M+
- The increase occurred largely in a two-week period
This surge suggests strong momentum. Analysts believe AVAX’s fundamentals support a possible price breakout. they cite stablecoin expansion and decentralized finance adoption as drivers.
Market Trends and TVL
avalanche’s total value locked is rising after April 2024 lows, according to DeFiLlama data. The platform attracts attention for its real-world asset tokenization capabilities too.
Recently, Bowmore distillery launched tokenized whisky bottles on Avalanche. Another highlight is the proclamation of $250 million in real-world assets coming onto Avalanche via Grove. A Visa partnership for global stablecoin settlement adds to its appeal.
