Avalanche (AVAX) has been on the watch list of most cryptocurrency traders following the recent 30% appreciation of the altcoin price from the $ 22 level. At the time of writing, AVAX has recovered to the 12th spot in the cryptocurrency space by market cap, trading at $ 29,06, a 5% increase on the daily chart.
With the largest market gains, many in the market are expecting another round of price appreciation towards the $ 35 level for AVAX. So, with Avalanche's fundamentals looking decent, what's in store for the altcoin?
New milestones for Avalanche
In the final trading hours of the Asian session, on August 9, the Avalanche network reached a new milestone: the coin recorded the highest number of daily transactions. AVAX's daily transaction count hit an all-time high as the indicator passed the 1,51 million transaction threshold.
While the high number of transactions indicates a greater interest or optimism in the market for the ecosystem, it is not the most impressive. One of the funniest things about AVAX's high transaction count is that on August 9 the coin recorded more transactions than Ethereum, Arbitrum and Optimism combined.
The AVAX price rally started around August 6th with a 9% rise. Many cryptocurrency analysts believe the coin's bullish momentum can be attributed to the growth of Avalanche-based NFTs.
On August 9, trading volumes of Avalanche-based NFTs increased by 30%. In addition, NFT sales also recorded an increase of nearly 10% over the same period. Additionally, Robinhood announced support for Avalanche and Stellar (XLM), further favoring the bullish push.
AVAX bulls are aiming for the $ 35 level
AVAX's price hit a low of $ 13,75 just last month; however, the rapid recovery of the currency sparked optimism in token investors.
In particular, AVAX has shown signs of a strong recovery from the downtrend that has characterized the altcoin for over four months. The bullish reversal pushed the altcoin price more than 110% from the lowest price levels seen in June 2022.
In the short term, AVAX's price settling above the psychological $ 30 level could further boost market momentum for the bulls. In the short term, the next AVAX resistances that the bears could defend are the $ 36 and $ 51 levels.
That said, the daily trading volume in the past 24 hours from press time has increased by 22%, indicating renewed retail momentum for AVAX. Since the quotation of AVAX jumped above the key resistance of $ 28, the odds of the coin seeing the $ 35 level are high, unless the bears take over.
