AVAX price is nearing a potential breakout at $33, driven by increasing activity on Avalanche's C-Chain and the formation of an ascending triangle.
Surge in C-Chain Activity
In August, Avalanche's C-Chain closed with 35.8 million transactions, marking the second-highest total in the blockchain's history. This surge reflects growing demand for DeFi and NFTs, which enhances the utility of AVAX tokens.
Technical Analysis of AVAX Price
AVAX price is currently showing a bullish setup, forming an ascending triangle pattern with a resistance level around $27. A breakout above this level with strong volume could target $33.
Conclusion on AVAX Prospects
The increase in activity on the C-Chain positively influences AVAX price, as more users interact with smart contracts and DeFi platforms, raising demand for the tokens. This creates favorable conditions for potential price growth.
With active growth on the C-Chain and a favorable technical setup, AVAX shows promising upward movement potential.
