• Avalanche [AVAX] saw a 93.52x hike on the cards if it hits Bitcoin’s market cap.
• Avalanche [AVAX]’s Relative Strength Index (RSI) was in an oversold position, suggesting a trend reversal in the first week of this year.
• Avalanche’s social volume spiked over the last week, reflecting its popularity in the crypto community.
The crypto world has been abuzz with the news that Avalanche [AVAX] could potentially see a 93.52x hike on the cards if it hits Bitcoin’s market cap. This is a major development for the crypto project as it could be a major game changer for the coin’s price.
At press time, Avalanche [AVAX]’s Relative Strength Index (RSI) was in an oversold position, which suggested a trend reversal in the first week of this year. This bullish signal was further backed by other major market indicators which suggested that selling pressure was imminent.
The news of the possible surge in AVAX’s price was further strengthened when Dua.com, a SocialFi, chose Avalanche to build its „Fi“. This global social network was established to connect people of all ethnicities, races, and faiths from all over the world. This development was seen as a major win for Avalanche [AVAX] as it added value to the network.
Furthermore, as per CoinMarketCap, at the time of writing, AVAX’s price had registered a decline of more than 7% in the last seven days and was trading at $10.69 with a market capitalization of over $3.3 billion.
AVAX’s social volume also spiked over the last week, reflecting its popularity in the crypto community. This was further strengthened by its NFT ecosystem which witnessed growth in the past few days. This was evident in the total number of trade counts and total NFT trade volume in USD which went up.
However, AVAX’s development activity took a different path and declined. Nonetheless, with the bullish signals that the coin has been receiving, it could be a good time to invest in Avalanche [AVAX] and witness its potential surge in the coming days.