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Avalanche Analysis Shows Rock-Solid Strength Amid Crypto Market Washout

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Despite a red crypto market, analysis on the “red coin” Avalanche (AVAX) ironically points to a green future.

Covered:

  • Avalanche Gets The Institutional Green Light
  • AVAX Price Update
  • Avalanche Santiment Analysis

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Avalanche (AVAX) has been showing amazing strength among its competition in the crypto markets as of late. After getting two big stamps of institutional approval, this Avalanche analysis might point to where the AVAX train is heading.

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Avalanche Gets The Institutional Green Light

Just two days ago, Bank of America, one of the largest banks in the world with over $1.5 trillion in assets-under-management (AUM), had some bullish sentiment for Avalanche. The bank said that Avalanche’s scaling capability offers a viable alternative to Ethereum.

In a note published on December 10th, bank analysts led by global crypto and digital asset strategist Alkesh Shah said that “subnets enable faster time-to-finality (settlement) and lower costs than alternative blockchains,” with the validation of around 4,500 transactions per second.

Additionally, just yesterday, mutual fund manager VanEck added both Polygon (MATIC) and Avalanche to its list of token offerings.

AVAX Price Update

 

The “red coin” Avalanche has seen incredibly strong growth in the second half of 2021. After sinking down to a local low of around $77, AVAX sprang back upwards in light of the praise from Bank of America. At the time of writing, AVAX is outperforming most of the crypto market, trading at $114.

Since its initial run-up in August, AVAX has been grinding up steadily through this ascending channel and is showing no signs of slowing down. If AVAX were to reach the top of the channel today, the price would have to be over $154. 

To really see just how strong AVAX is right now, check out the top 10 weekly performers as provided by CoinGecko.

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Avalanche Santiment Analysis

Taking a look behind the curtain, data from Santiment reveals the underlying network growth that further shows how Avalanche stands out from the crowd. 

The first interesting metric to note is the social dominance of AVAX (pink) as compared to other top layer-1 (L1) competitors like Ethereum (blue), Solana (red), Cardano (orange), and Luna (yellow).

Over the past couple of years, Avalanche has slowly been gaining social traction, and the most recent figures show that AVAX is currently sitting at the front of the conversation among smart contract platforms. 

The next metric may look like a jumbled mess, but the overall picture tells a much clearer story.

The data shows the level of volume flowing through top smart contract platforms as the bull market has progressed. It might not look entirely clear, but AVAX (white) is currently leading the market in tandem with LUNA in terms of volume, far surpassing Ethereum (blue), Solana (pink), and Cardano (yellow). Here’s a clearer look at AVAX.

While Avalanche’s growth is something you should pay attention to, what’s really important to note here is that overall volume in the crypto market looks to be going exponential, as highlighted by these L1 platforms. Whichever coin wins the bull market is anyone’s guess, but the big picture is clear: crypto is growing faster than ever before.

The post Avalanche Analysis Shows Rock-Solid Strength Amid Crypto Market Washout appeared first on CryptosRus.

Avalanche Analysis Shows Rock-Solid Strength Amid Crypto Market Washout

 

https://cryptosrus.com/avalanche-analysis-shows-rock-solid-strength-amid-crypto-market-washout/feed/

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