AVAX struggles to cross $30: Can it break the bearish cycle?

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A flurry of development activity has been observed on the Avalanche blockchain over the past few days. Will AVAX see green?

Avalanche has experienced a significant increase in development activity over the past few days. Will it help the price action?was one of the few layer 1 networks that hasn’t been able to go toe to toe with popular competitors such asAvalanche’s ecosystem development activity boomed in the past year. Data on relative commit counts, indexed from a year ago, revealed that the Avalanche ecosystem was the most active among Layer 1 blockchains.

Both the number of daily active addresses and the number of transactions on the network fell over the past week. This suggests that fewer people are using the Avalanche network, and there is less overall activity on the blockchain. This indicates a potential decrease in the amount of crypto assets locked into Avalanche’s DeFi protocols and a slowdown in trading activity,At press time, AVAX was trading at $26.84 and its price had grown by 5.01% in the last 24 hours. Despite the spike in price, the overall trend for AVAX was negative.

 

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