- AVAX trades at $18.44, and could rally to $30 if there is fresh upside momentum.
- The on-chain data indicates a rise in social sentiment and volume, which could indicate an increase in retail activity.
- Avalanche reported a 62% rise in daily active users last Wednesday.
The Avalanche price has risen 1.5% to the time of writing and is just above 14% over the past month.
Although the price of this Ethereum competitor token has not experienced a significant uptick in value compared to other top coins, data on-chain suggests that a new catalyst will likely see AVAX/USD rise.
Bullish outlook signalled by Avalanche’s (AVAX), price-on-chain metrics
According to one on-chain indicator, Avalanche is showing signs of an upward momentum. Santiment gave a brief assessment on the Avalanche social volume indicator. He stated that current sentiment for this coin is higher than when AVAX prices reached their year-to-date highs at $21 in February.
Santiment observed that Avalanche’s positive weighted sentiment and social volume have bolstered its bullish outlook.
According to the on-chain data platform, AVAX/USD saw “minimal social volume and sentiments were stagnant,” during the run to $21. This is evident in terms of the dramatic increase in these metrics.
Avalanche has a chance to see an increase in retail sales, which could mean a period of sustained gains.
📈 The latest community insight is posted by the #DCXResearch Team notes that February 2023 was the lowest price for the product in this category. #Avalanche At $21, there was very little social volume, and sentiments were low. During the current pullback there has been an increase in both. pic.twitter.com/Qb4qD9dt0x
— Santiment (@santimentfeed) April 12, 2023
“This is an interesting trend, as social volumes have significantly increased, suggesting a potential leading indicator that will be picked up by retail segment in price movement in coming near future,” Santiment noted as it commented on the price movement of AVAX.
On 10 April, Web3 platform Token Terminal shared Details on Avalanche showed that the number of daily active users had risen by more than 62% in the past week.
Daily active users on @avalancheavax have increased by 62.8% during the past week📈 pic.twitter.com/dCkoaZuXdP
— Token Terminal (@tokenterminal) April 10, 2023
Avalanche currently trades at $18.44 and could leap 22% to reach its February peak. The next target would then be $30. This would represent an increase of 64% from current levels.
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