Avalanche C-Chain 35.8M TXs; AVAX dey face resistance
Avalanche C-Chain record 35.8 million transactions for August, na di be di highest but second highest wey e don ever get. Dis increase for network activity make demand for AVAX tokens wey people dey use pay fees, stake, and run validator operations go high.
AVAX price rise reach $25.10 but e jam near di $26.50 resistance level. After e climb 39% inside 60 days, AVAX comot most gains as trading volume drop 32% and technical indicators like MACD histogram and RSI show warning signs. Bulls gots to take back $25.46 to get momentum again, but if e fall below $23.47, e fit make loss deeper.
Even though short-term wey no dey favour am, strong fundamentals and institutional interest - like partnerships from FIFA wey dem dey move to Avalanche infrastructure and possibility for Grayscale AVAX ETF launch - dey support AVAX for long run. Traders suppose dey watch for strong breakout pass resistance or news about ETF approval to aim move go $33.
Neutral
Di report di show say network dey strong for Avalanche C-Chain but e still talk say AVAX don many times fail to pass di $26.50 resistance. Short-term downside risk na 32% fall for trading volume plus bearish MACD and RSI signals. But for long term, strong foundations like FIFA infrastruktur migration and di hope for Grayscale AVAX ETF dey provide good support. For now, price go depend on if tori breakout pass resistance or if any other catalyst show; until dat time, outlook remain neutral.