- Avalanche L1 blockchain launches a decentralized social platform.
- $AVAX reclaims the $10 resistance for the first time since August.
- Stars Arena has expanded to $2M TVL in just a few days since launch.
As the leading digital asset Bitcoin (BTC) continues to hold steady at the $27,750 price range, most alternative currencies are trading in phased consolidation or experiencing slight drops due to the market correction after last week’s Ether Futures ETF reveal.
However, Avalanche’s AVAX unexpectedly emerged as the top gainer of the day among the TOP 20 altcoins by global market cap. The Layer-1 blockchain’s native cryptocurrency restored the $10 resistance line, a price range unseen since early September.
Stars Arena to Help AVAX Reach the Stars?
Besides the bullish Ethereum Futures ETF from last week, Avalanche’s Layer-1 blockchain has made an impressive breakthrough in the On-Balance-Volume (OBV). The bullish momentum and massively increased demand for AVAX come amidst the launch of Stars Arena. At press time, Avalanche’s OBV on-chain metric dwells slightly below $40 million, a nearly $3 million spike since Stars Arena went live.
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The Web3 social platform is based on Avalanche’s chain but works in a similar manner to Base’s Friend.tech. The decentralized social network allows crypto enthusiasts to purchase a stake in certain Twitter accounts and get a list of perks in return.
As a result, Avalanche’s chain has seen an inflow of 577,000 transactions. AVAX pumped to the $10 price range as Avalanche’s Stars Arena Web3 platform reached the $2 million volume mark, according to DappRadar.
Putting the brand new social network’s early success into a broader perspective, Avalanche scooped a $345 million market cap increase in the last 24 hours. The Relative Strength Index (RSI) points to 33.55, a favorable setup for a bullish breakout if AVAX remains in an oversold condition.
On the Flipside
- The real-time on-chain signals for Avalanche (AVAX) point to three bearish factors.
- $AVAX slightly dropped in concentration, large transactions & net network growth.
Why This Matters
Decentralized social platforms have been the latest trend among Layer-1 blockchains, as seen in the instantaneous success of Base’s Friends.tech Web3 network.
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