Avalanche (AVAX) has been witnessing a sharp decline in its Total Locked-In Value (TVL) over the past few weeks. According to a tweet from AVAX Daily, a popular Twitter address that posts updates about the Avalanche ecosystem, AVAX recorded a 27.53% drop in its TVL last week. At the time of writing, AVAX’s TVL was $916.02 million, according to DEFILLAMA’s data. Its weekly performance was also low, as its price fell by more than 13%, which may be one of the factors affecting Avalanche’s TVL.
At the time of writing, AVAX was trading at $13.52 with a market capitalization of more than $4 billion. Interestingly, there have been several developments recently that could change the fate of AVAX and launch the next bull rally. It should not be forgotten that an increase in the price of AVAX can also have a positive effect on the TVL of the network.
Exciting AVAX Data Revealed: Has the Bull Run Started For Altcoin?The data announced for AVAX later this week may be signs of a potential bull run that may have started in the altcoin.
23:59 November 16, 2022
Avalanche (AVAX) has been witnessing a sharp decline in its Total Locked-In Value (TVL) over the past few weeks. According to a tweet from AVAX Daily, a popular Twitter address that posts updates about the Avalanche ecosystem, AVAX recorded a 27.53% drop in its TVL last week. At the time of writing, AVAX’s TVL was $916.02 million, according to DEFILLAMA’s data. Its weekly performance was also low, as its price fell by more than 13%, which may be one of the factors affecting Avalanche’s TVL.
At the time of writing, AVAX was trading at $13.52 with a market capitalization of more than $4 billion. Interestingly, there have been several developments recently that could change the fate of AVAX and launch the next bull rally. It should not be forgotten that an increase in the price of AVAX can also have a positive effect on the TVL of the network.
CRYPTOQUNAT’s data revealed that AVAX’s stochastic is in an oversold position, which is a big bullish signal and indicates that there may be an upward break in the coming days. Moreover, since at the time of this writing AVAX has registered a gain of about 3% over the past 24 hours, the rise may have already begun.
Interestingly, AVAX has also appeared on the list of blockchains with the highest revenue over the past seven days. This update looked promising, as it showed that we could soon see an increase in the price of AVAX. Apart from these, other partnerships and integrations have also taken place that have the potential to drive the next upswing in the Avalanche ecosystem.
For example, OpenSea can now be used to connect to Coreapp, the multi-chain wallet that ships with Avalanche. Not only that, The Tie has also launched NFT and GameFi dashboards that will provide in-depth visibility into Avalanche.
There Is More Good News
Various metrics on the chain also supported the price increase, which could increase Avalanche’s TVL in the coming month of this year.
Santiment’s charts revealed that Avalanche’s NFT ecosystem has witnessed growth over the past week, with the total NFT trading volume increasing, as well as the volume of NFT transactions in USD. According to LunarCRUSH’s data, AVAX’s price mobility has also increased slightly in the last few days, and this, coupled with the recent price increase, may indicate the possibility of a continuation of the upward trend.
In addition, AVAX has also remained quite popular in the crypto community, as its social dominance is also relatively high. However, a slight setback for AVAX was the decrease in development activity, which, in general, is a negative signal.
