- January saw a 30% monthly increase in the number of new contracts for Avalanche.
- AVAX hit a low on January 13 and has rebounded impressively, clocking up 14% by the time of publication.
The Avalanche (AVAX) ecosystem has seen significant growth since early 2023. According to the tweet, the daily consumption of gas on the network has been growing at an exponential rate since the beginning of the year (YTD).
Daily gas consumption for @avalancheavax has been increasing since the beginning of the year.
Meanwhile, the number of new contracts increased by 68% month-on-month.
what is $AVAX cooking? 🔺 pic.twitter.com/JY95RTUB8O
— Emperor Osmo🧪 (@Flowslikeosmo) February 23, 2023
Read the Avalanche (AVAX) 2023-24 price forecast
One of the reasons for this increase may be the increase in the number of new contracts. According to Dune Analytics, in January there was a 30% monthly increase in the number of new contracts, while in February the number of new contracts increased by as much as 75%.
The hype for Avalanche is growing
Since the beginning of the year, Avalanche has established cooperation with prestigious partners to increase the attractiveness of its network. In January, he teamed up with Amazon AWS to promote the use of blockchain technology for enterprises and government agencies.
Earlier this week, there was a huge leap in the GameFi landscape after announcing a partnership with Indian streaming platform Loco to launch the NFT gaming marketplace.
These high-value deals led to a surge in Avalanche’s social metrics as mentions and engagement on social platforms increased by 16% over the past week.
🔺Avalanche Weekly Social Signals🔺
Most Influential Projects@CheemsInu@Ste_Cha_FEG@_VaporFi@GMDprotocol
Influencers of the Week@AltCryptoGems@0x_forexus@_TrueVoodoo@Jamyies
Source: @LunarCrush#AVAX $AVAX #Avalanche pic.twitter.com/rz8cZUyY6k
— AVAX Daily 🔺 (@AVAXDaily) February 23, 2023
The past week has also seen growth in AVAX’s NFT ecosystem. As of January 23, the volume of NFT transactions increased by 55% compared to the previous day, with the number of NFT transactions increasing.
What direction will AVAX go?
AVAX hit a low on January 13 and has rebounded impressively with a clock gain of 14% by press time, data from CoinMarketCap showed.
AVAX broke the indicated resistance at $19.54 on February 19, but quickly returned to test it as support. This could be a bullish signal in the short term.
Realistic or not, here’s AVAX’s market cap in terms of BTC
The Relative Strength Index (RSI) fell but was still above the neutral 50 level. The Moving Average Convergence Divergence (MACD) line almost coincided with the signal line, suggesting that AVAX’s next move was hard to predict.
AVAX has seen an increase in its open interest (OI) and a trajectory in line with its price. An increase in OI meant opening new positions, which could help the price in the short term.