Blockchain

On-chain data shows a Litecoin whale has made a large deposit to cryptocurrency exchange Binance, which could add to the coin’s decline.

Litecoin Whale Has Transferred 100,000 LTC To Binance Today

According to data from the cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Litecoin network during the past day.

This transaction involved the movement of 100,000 LTC across the blockchain, worth more than 7 million US Dollars at the time of the move. Since the transfer scale is so large, a whale entity was likely behind it.

Generally, the transfers of whales can be something worth watching out for, as they may end up causing ripples in the market. How a move from such a humongous holder would affect the asset, though, depends on the intent behind it.

Here are some additional details regarding the latest Litecoin whale transfer that may provide a hint about why the investor made the move:

As displayed above, the whale transferred 100,000 LTC to wallets associated with the cryptocurrency exchange Binance in this move. The sending addresses were all unknown wallets that were unattached to any centralized platforms.

Such wallets are usually the investors’ addresses. Transactions like this, where coins move from self-custodial wallets towards exchanges, are called “exchange inflows.”

The latest exchange inflow from the Whale suggests that the investor wanted to use one of the platform’s services, which can include selling. As such, the transfer can be bad news for Litecoin.

LTC Has Gone Down 3% In Past 24 Hours Despite Market Surge

While most cryptocurrency sectors have enjoyed profits during the last day, Litecoin has been the odd one as it has registered negative returns.

As the chart below displays, LTC plunged from above the $73 level to the $68 mark during its latest drop.

Litecoin has registered a bit of a rebound since its low, though, as it has returned above $70. Despite this increase, however, the coin has still been down around 3% in the past 24 hours.

Given the timing of the Binance inflow transaction made by the whale, it’s possible the move was for selling after all, as it coincided with this rebound in the cryptocurrency.

The whale may be using this small surge to exit from the asset, potentially for moving into the greener pastures the rest of the market seems to be providing.

Regarding the market cap, Litecoin has fallen to just the 20th spot on the top cryptocurrencies list, meaning there are nineteen larger digital assets than it currently. There is still some gap between LTC and 21st-placed Uniswap (UNI), so the coin may not be at risk of slipping further, at least for now.

Cardano (ADA) showcased remarkable progress during the fourth quarter (Q4) of 2023, surpassing its competitors and demonstrating impressive growth in key metrics, according to a Messari report. 

Average Daily Transactions Soar In Q4

The report highlights that ADA’s revenue in USD increased by 66.7% quarter-over-quarter (QoQ), driven not only by ADA’s price action but also by a 10.6% QoQ increase in revenue denominated in ADA. 

Furthermore, Cardano’s Treasury balance expanded by 2.6% QoQ, reaching 1.43 billion ADA, in line with growth trends observed in previous quarters. Currently, 20% of transaction fees contribute to the treasury, which can be adjusted through governance.

Another key metric, transactions, shows that Cardano experienced 10.9% QoQ growth in average daily transactions, outpacing the 1.6% QoQ growth in daily active addresses. The ratio of transactions to active addresses has steadily increased over the past year, indicating increased power users. 

In Q4, the ratio of transactions to active addresses increased 9.2% sequentially and 45.0% year-over-year (YoY), reflecting higher average activity per user due to the introduction and development of various protocols throughout 2023.

In terms of stake, active stake declined by 0.5% QoQ for the second consecutive quarter, amounting to 22.8 billion ADA. Engaged stake also remained relatively flat in the second half of 2023. However, active and engaged stake witnessed a YoY decrease of 10.2% and 9.6%, respectively.

Cardano TVL Reaches New Milestone

With the thawing of the crypto winter, the Cardano ecosystem experienced a significant surge in Total Value Locked (TVL) in USD, skyrocketing 166% QoQ and 693% YoY. 

Indigo emerged as the largest protocol by TVL, surpassing Minswap. TVL of stablecoins on Cardano increased by 37% QoQ and 673% YoY, with the addition of Mehen’s USDM fiat-backed stablecoin scheduled to launch in March.

Notably, TVL in USD reached an all-time high of $449 million on December 14th, representing the Q4 growth of 166%. This surge contributed to Cardano’s rise in TVL rankings from 15th to 11th during Q4, following its initial position of 34th at the beginning of the year. TVL denominated in ADA also achieved an all-time high, peaking at just over 700 million ADA.

According to the report, Cardano’s TVL growth was primarily driven by the introduction of new stablecoins, namely iUSD and DJED, early in 2023. Stablecoins remained a crucial indicator of decentralized finance (DeFi) health, as the total value locked in stable assets rose by 36.8% to $21.5 million. Cardano’s stablecoin market cap also improved from 54th to 32nd among other networks.

However, non-fungible token (NFT) activity declined during Q4. Transactions and trading volume in the NFT space decreased by 8.0% and 33.8% QoQ, respectively. Every year, NFT transactions and trading volume substantially declined by 58.3% and 68.3%, respectively. 

The only metric to show growth in 2023 was the number of unique sellers, which increased by 213.2% YoY, averaging 270 unique sellers daily.

Lastly, ADA’s price surged 127.2% QoQ, outperforming the overall crypto market’s 53.8% increase. This Q4 surge contributed to ADA’s YoY change of 145.2%.

As of now, ADA continues to show significant gains with its current trading price of $0.5724. This reflects a significant increase of 5.5% over the past 24 hours and 8% over the past 30 days. These figures further solidify the bullish momentum of the token as the market enters the middle of the first quarter of 2024.

Featured image from Shutterstock, chart from TradingView.com

Coinbase has temporarily suspended the gaming platform PlayDapp’s token trading and transfer activities after the recent hack that resulted in the theft of 200 million PLA tokens. Recent updates from the Web3 platform have shared some insight into the investigation process.

Suspension Of Trading Activity On Coinbase

On Thursday, the news of the hack was first informed by the security platform Cyvers Alerts on X (formerly Twitter). PlayDapp’s team later confirmed the security breach and immediately contacted partnered exchanges to take measures to protect the holder’s assets.

The gaming platform contacted major centralized exchanges (CEXs) to request deposit and withdrawal suspensions due to the hacking incident and promptly reported to the authorities about the case.

On Monday, the team shared an urgent notice post detailing the state of the investigation and the temporary measures it would take to minimize the hack’s impact on PLA holders.

Following this request, Coinbase announced the suspension of PLA’s trading and transfers across their website, Coinbase Prime, Advanced Trade, and Coinbase Exchange. The exchange expressed its intention to continue monitoring the developments from PlayDapp before giving new updates to customers.

We will continue to monitor developments related to PLA from the issuer and update our customers as more information becomes available.

Learn more: https://t.co/PoDxz71eAp

— Coinbase Assets (@CoinbaseAssets) February 14, 2024

In the notice post, the team informed of its current collaboration with exchanges, blockchain intelligence, security firms, and law enforcement agencies to investigate and resolve the issue further. It has now extended its petition to temporarily pause all liquidity and pool activities related to PLA to decentralized exchanges (DEXs).

According to the circular, decentralized exchanges (DEXs) have hindered the hacker’s attempts at dispersing the stolen tokens.

Migration Process And Price Reaction

PlayDapp tried to negotiate with the hacker to retrieve the stolen funds. However, the attempts failed as the hacker “showed no willingness to help recover holders’ losses,” which resulted in an additional attack that led to the issuance of an additional 1.59 billion PLA tokens.

Subsequently, the team continues investigating the hacker’s intrusion methods to prevent further attacks, and they’re currently tracking the minted and swapped tokens by the hacker. Due to this, PLA Holder’s assistance has been requested, asking users for “the halt of transactions because we will conduct a migration based on the snapshot shortly.”

The platform has been discussing with exchanges to assess the best migration solution. The most recent update further details the attack’s damages and the coming migration process:

We are estimating the scale of damage for the initially minted 200 million tokens, while it’s confirmed that there is minimal damage from the secondary minting of 1.59 billion tokens. Currently, the transactions associated with the hacker are being tracked by security firms, so most of the invalidly minted tokens will be filtered out during the migration process.

Loss of ownership over the token smart contract opens the possibility for further attacks on PLA tokens.

As the update explains, PDA is an upgraded version of the new token. It introduces multi-signature implementation, snapshot, pause, and burn authority separation for management while removing minting authority for stability.

PDA will also introduce a DAO voting system, and it can only be swapped at a 1:1 ratio using wallets not associated with the hacker.

PlayDapp will coordinate with CEXes to reimburse PDA to PLA-holding users during the migration. Affected users will be reimbursed using the “current user balance holdings as per the snapshot timing” and receive the full token holdings at a 1:1 ratio. The team will announce the snapshot time in a future update.

According to CoinMarketCap data, the PLA price dropped from $0.1823 to $0.1498 after the attack. Since then, the token price has hovered around $0.14-$0.16.

The price dropped to $0.1383 after the Coinbase announcement, a 13.35% drop in the last seven days. PLA’s daily trading volume at writing time is $5,786,268, representing a 23.4% decrease in the previous 24 hours.

However, after the most recent migration plan update, PLA’s price surged 1.2% in the last hour and 3.7% in the previous 24 hours, as the token trades at $0.1524, perhaps signaling a change in holder sentiment after the recent development.

Bitcoin’s open interest has surged past $11 billion for the first time in over two years. This uptick comes when the world’s most valuable coin surges, recently easing past $51,000, the highest level since December 2021. 

Surging Open Interest And Order Book Imbalance

According to Kaiko, a leading crypto analytics provider, this upswing in open interest comes at a critical time for the coin. When prices zoomed past $48,000 on February 11, there was an order book imbalance. Then, Kaiko observed there were $100 million more bids than asks. 

Technically, whenever there is an order book imbalance with more bids than asks, it suggests that buyers are more willing and enthusiastic to purchase at spot rates than sellers are willing to liquidate. Following this imbalance, prices shot higher the following days, breaking above the $50,000 psychological number to over $51,500 when writing on February 14. 

Surging open interest, especially as the market trends higher, is bullish. It means that more people are willing to participate in the market, hopeful of riding the trend. Subsequently, their participation translates to a more liquid market, charging the upside momentum.

Bitcoin is racing higher at the back of strong inflows into spot Bitcoin exchange-traded funds (ETFs). Over the past few weeks, spot Bitcoin ETF issuers have been rapidly accumulating the coin. The largest so far is BlackRock’s IBIT, owning over 70,000 BTC.

As a result, prices are edging higher, reflecting the high demand pinned directly to institutional participation. This positive sentiment and expectations of even more price gains, translating to higher open interest, is despite the continued liquidation of the Grayscale Bitcoin Trust (GBTC). Following court approval, GBTC is converted into an ETF, joining others like Fidelity, who also offer a similar product.

Genesis Looking To Sell GBTC; Will Bitcoin Rally In March?

Even with the high optimism, a potential cloud hangs over the Bitcoin market. Genesis, a crypto lender under bankruptcy protection, wants the court to allow them to sell over $1.4 billion of GBTC.

If the court green-lights this move, BTC could have more liquidation pressure, possibly unwinding recent gains. So far, the FTX estate sold their GBTC, estimated to be worth over $1 billion, coinciding with Bitcoin dropping to as low as $39,500 in January.

Besides these Bitcoin-specific events, the market is closely watching how the monetary policy scene in the United States will evolve in the next few weeks. The United States Federal Reserve is expected to slash rates in March, a potentially beneficial move for BTC.

Robinhood, a significant player in the United States financial technology sector, has recorded major growth. The platform has seen a notable rise in monthly user inflow.

Robinhood Monthly Deposits Surges To New Height

A correspondent at CNBC, Kate Rooney, recently shared the development with the crypto community on the X (formerly Twitter) platform. The CNBC reporter said Robinhood recorded increased profits in its most recent quarterly results.

Rooney pointed out that the platform is making some headway in its attempt to overtake established “brokerage companies” for market dominance. Additionally, Robinhood aims to expand beyond its “original base of inexperienced and younger traders” in the crypto market.

She further highlighted that over $100 billion of the firm’s assets are currently “under custody.” In addition, a “net positive transfer from every major brokerage competitor” drove the Q4 deposits to approximately $4.6 billion.

Consequently, this suggests its increasing popularity among investors looking to include digital assets in their portfolios for diversification. It also indicates the growing confidence and inclination toward the trading firm among crypto investors. 

The CNBC correspondent asserted that the numbers above consist of an “average customer transfer balance” of $100,000.

As per Rooney’s X post, Robinhood saw a substantial rise in monthly deposits valued at $4 billion in January. So far, the recent uptick signifies the online trading platform’s strongest month since early 2021.

During the same quarter last year, the trading platform lost $166 million, or $0.19 per share. However, this year, it made a profit of $30 million, or $0.3 per share.

As was revealed, Robinhood’s income rose due to increased net interest and transaction-based and other revenue streams. Over the three months, its net interest income grew by 4% to $236 million.

Taking Over The Active Trader Market

Vlad Tenev, Robinhood’s Chief Executive Officer (CEO), has revealed Robinhood’s intentions to take over the active trader market. Tenev recently disclosed this objective during a quarterly earnings call.

He stated that the firm’s user base and revenue have grown “nearly seven times” in the past four years. “looking at what is in front of us, we are excited by the opportunity to continue growing significantly from here,” he added.

Robinhood has gained market share and attracted net asset inflows from its major rivals. According to Tenev, the company will continuously invest in its “user experience on mobile” to achieve its goal.

Currently, the crypto enterprise stands out as the dominant player in market share. Tenev has confirmed the addition of futures and index options to the platform in the coming months of this year.

Over the past seven days, the Shiba Inu price has shown strong signs of a bullish reversal. A technical analysis of Shiba Inu (SHIB) against the US Dollar (USD) reveals a compelling narrative of a breakout from a bearish pattern that could signal a strong bullish reversal.

Shiba Inu Price Confirms Breakout

Since mid-December 2023, SHIB has been trading within a descending parallel channel, as observed on the daily chart. This channel, characterized by two parallel downward-sloping trendlines, has framed the price action, creating a series of lower highs and lower lows—a classic bearish signal within market structure.

The breakout from this channel occurred on Wednesday last week, February 7, with a decisive candle close above the upper trendline, a movement that is often indicative of a change in market sentiment. Remarkably, the price has also surged above the 200-day Exponential Moving Average (EMA).

With this bullish move, the price also shot above the 20, 50 and 100-day EMAs, suggesting a strong shift in momentum. The current breakout is particularly significant because it mirrors a historical price movement from October 2023, where SHIB also broke out of a descending channel and experienced an almost 80% increase in value over 59 days.

Investors and analysts closely monitor such patterns, as historical price actions can often repeat or rhyme in financial markets. If SHIB bulls can manage a similar rally, they could target the 0.786 Fibonacci retracement level at $0.00001525, marking a possible 73% rally.

In terms of other targets, the Fibonacci retracement levels drawn from the previous high to the low of the channel indicate significant levels of potential resistance and interest. The 0.618 Fibonacci level, often referred to as the ‘golden pocket,’ is particularly noteworthy as a key area where we might expect some selling pressure.

Currently, the 0.618 level lies at approximately $0.0000132, and the price is approaching this level with increased volume, signaling strong buying interest. Before that, the Shiba Inu price needs to overcome the 0.382 Fib at $0.00001049 and the 0.5 Fib at $0.00001188.

The Relative Strength Index (RSI) on the daily chart has moved above the midpoint of 50, which further validates the bullish momentum as it suggests that the buying pressure is outweighing the selling pressure.

Bullish Continuation Following Retest?

On the weekly timeframe, the RSI here also indicates a neutral momentum. The weekly SHIB/USD chart shows the breakout from a descending triangle pattern in early December 2023, followed by a successful retest at the end of January this year. The RSI on a weekly basis is now in neutral territory (at 54.6), ready for a renewed rally.

The weekly chart also displays the next crucial resistance which sits at $0.00000970 (the 50-week EMA). A weekly close above this threshold would further bolster the bullish case.

Ultimately, SHIB bulls could target the 100-week EMA, which stands at $0.00001334 and almost perfectly aligns with the “golden pocket” in the daily chart. The volume profile supports the breakout with a notable increase in buying volume as the price exited the channel. This adds credence to the sustainability of the breakout.

Overall, it is important to note that while a 73% rally is projected based on the pattern’s measured move, however, external factors could influence the actual price movement. Key resistance levels, such as the aforementioned Fibonacci levels, and the psychological round numbers should be monitored for potential pullbacks or consolidation.

Crypto analyst Ali Martinez has provided insights suggesting that the Bitcoin bullish momentum is just starting. Based on this, the flagship crypto token is still likely to keep hitting new highs before the peak of the imminent bull run. 

Market Sentiment Suggests More Gains Ahead For Bitcoin

In an X (formerly Twitter) post, Martinez revealed how long-term BTC holders go through a “cycle of emotions” during a bullish period. These investors usually start with capitulation before “progressing through hope, optimism, and belief.” This capitulation phase is when these BTC bulls succumb to the bears, with the Bitcoin bottom coming at some point.  

The crypto analyst also noted that these BTC holders experience “a brief period of anxiety” even after the belief phase, which leads to a price correction. However, the market again re-enters a phase of belief after then, which signals potential further gains ahead, Martinez added. 

The crypto analyst claims the market has “just merged from a period of anxiety and has re-entered a new phase of belief.” He further stated that this suggests the market will likely witness more momentum for Bitcoin before reaching the “peak of euphoria that characterizes the end of the bullish cycle.”

Going by Martinez’s analysis, there are still new highs for BTC. There is also every likelihood that Bitcoin will surpass its all-time high (ATH) of $68,000. The crypto token has consistently surpassed its previous ATH in every bull run. Interestingly, this always happens months after the Bitcoin Halving takes place. 

That is why it is no surprise that the BTC Halving is again predicted to be the event that will fully kickstart the next bull run. 

BTC Expected To See Influx Of New Investors

In a subsequent X post, Ali Martinez highlighted how Bitcoin is far from obtaining peak popularity among the general populace. This is based on a Google Search Trends metric, which shows how popular a term like ‘Bitcoin’ is. Currently, BTC is said to have a score of 18, meaning that it hasn’t even reached “mid-popularity.”

The silver lining in this data is that it shows how much more investors Bitcoin could see in the next bull run. Moreover, introducing the Spot Bitcoin ETFs is believed to be perfect timing as these funds could contribute to onboarding the next generation of Bitcoin holders into the crypto space. 

A search engine like Google could also have a role to play when these investors become interested in the flagship crypto token. Thankfully, the platform has already blessed the advertisement of crypto-related funds, meaning it will be easy for these users to invest when the time comes.  

At the time of writing, BTC trades at around $51,400, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

Cover image from Dall-E, Chart from Tradingview

Cryptocurrency exchange giant Binance made a bit of a headline by transferring a substantial amount of XRP tokens—200 million to be exact. The massive amount of the transfer has made nearly everyone in the crypto community come up with guesses as XRP tallied notable 4% increase in value following the transfer, which added an extra layer of intrigue to the situation.

The recent struggles of XRP, reflected in its monthly losses and declining network fundamentals, have created an air of uncertainty around the coin. Santiment data analyzed by NewsBTC indicates a steady drop in daily active addresses and a decrease in the rate of new address creation over the past month. Additionally, XRP’s supply in profit has seen a sharp decline since the beginning of the year.

Whale Alert Detects Binance XRP Movement

Investors’ pessimism about the payment-linked cryptocurrency has been further accentuated by the lack of profitability, evident in the consistently negative Weighted Sentiment for XRP in 2024. As the crypto market evolves, these factors contribute to the dynamic landscape and impact the sentiments of investors and market participants.

200,000,000 #XRP (105,914,024 USD) transferred from #Binance to unknown wallethttps://t.co/H8wJxoRtvA

— Whale Alert (@whale_alert) February 13, 2024

One platform that tracks high-value transactions, Whale Alert, made the flow of XRP tokens visible. At around 6:40 am UTC, Binance started three different transactions totaling 64.41 million XRPs. Trade observers took notice of the subsequent large transfer of 200 million XRP to a “unknown wallet.”

The 200 million token transfer represents almost $105 million at the current XRP selling price, highlighting the importance of this operation. After more research, we discovered that the beneficiary address of the $200 million transfer quickly transferred $4.28 million in XRP to a different address.

XRP Price Trades Higher After Binance Transfer

The real intent of these moves is still unknown at this point. But the cryptocurrency community has been quick to conjecture, with conversations centered on the potential for whale buildup. The transfers’ timing, which coincided with an increase in XRP’s price, has fueled conjecture even more.

With a respectable rise in value today, XRP, which had been in a protracted downturn, saw some hope. Notably, it traded at $0.53, increasing in value over the previous day and week to 0.6% and 4.1%, respectively, according to Coingecko data.

It’s possible that the enthusiasm surrounding XRP’s positive turnaround spurred major market participants—also known as “whales”—to take big action.

Related Reading: Solana Surges: Open Interest Hits $1.75 Billion, Price Up 8% Today

Featured image from Freepik, chart from TradingView

Recently, Ripple announced the acquisition of Standard Custody & Trust Company, a digital asset custodian. The company aims to expand into different sectors beyond its core payments network business.

This development may become the key catalyst in driving the price of XRP to new heights, addressing historical challenges of price declines and stagnant growth. 

Ripple’s Acquisition Sets Stage For Potential XRP Price Surge

On Tuesday, February 13, Ripple disclosed the formal agreement to acquire Standard Custody to continually expand its offerings and pursue smart acquisitions to capitalize on present and future market opportunities. 

The acquisition of Standard Custody signals Ripple’s commitment to serving its customers and fostering growth and security in the Ripple ecosystem. By implementing a digital asset custodian, Ripple can provide secure storage and management of digital assets like XRP. 

Additionally, a cryptocurrency custodian can potentially boost confidence in investors and financial institutions. This increased trust may attract substantial institutional investors into the XRP ecosystem, potentially driving up demand and triggering a price increase for XRP. 

According to CoinMarketCap, XRP is priced at $0.5, reflecting a 0.95% decrease in the last 24 hours and an 8.87% drop over the past month.

Despite bullish market trends, the cryptocurrency has lingered around the $0.5 price for months, leading to a shift in investor sentiment and confidence. Some members of the XRP community have also accused the cryptocurrency of being purposefully suppressed. 

In light of this, Ripple’s strategic acquisition has the potential to act as a catalyst, boosting the price of XRP. The digital asset custodian could introduce an element of stability to the XRP ecosystem, addressing regulatory uncertainties plaguing the ecosystem.

Consequently, this may positively influence the general perception of XRP, attracting favorable sentiments and institutional investors and potentially contributing to an upward price movement.

XRP Community Divided As Doubts Emerge

Despite Ripple’s latest announcement and the potential positive impacts the acquisition may have on the ecosystem, the XRP community has remained in doubt, continually voicing out concerns over the depressed state of the cryptocurrency. 

Responding to Ripple Chief Executive Officer (CEO) Brad Garlinghouse’s statement about the company’s plans to acquire Standard Custody, an XRP supporter and investor, identified as “MackAttackXRP” on X (formerly Twitter), expressed skepticism, stating that Ripple’s recent developments were insufficient to generate a positive impact on XRP’s price. 

Mack revealed that the price of XRP has been “structurally too low for the past five years.” He mentioned a notable shift in perspectives among XRP community members, with some opting to change their XRP for more promising cryptocurrencies or exit the market altogether. 

Another XRP community member expressed his frustration about the cryptocurrency’s price, disclosing that many dedicated supporters of XRP are starting to lose hope for the cryptocurrency and may consider leaving before witnessing any significant price increases for XRP. 

Chart from Tradingview

In the dynamic realm of cryptocurrencies, Avalanche (AVAX) is causing a stir, riding the waves of a recovery rally that commenced last month. As the broader spectrum of alternative coins experiences a resurgence, AVAX stands at the forefront, ready to extend its ascent, with whispers in the market hinting at a potential surge towards the coveted $50 mark.

Avalanche Booms: Durango Upgrade Ushers Growth

Presently, the AVAX price confidently stands above the 50% retracement level at $39.91, signaling a robust support level within the market range spanning from $28.00 to $49. Technical indicators add to the positive sentiment, with the Simple Moving Averages (SMA) gracefully trending upwards. This suggests that the path of least resistance favors continued price appreciation, creating an optimistic atmosphere among market observers.

This is a big opportunity for Avalanche builders and validators to learn all the ins and outs of Durango

Going live right here on X or on YouTube this Wed. at 12pm ET https://t.co/811uVwOIg9

— Avalanche (@avax) February 12, 2024

The buzz surrounding AVAX reaches a crescendo as the eagerly anticipated AVAX Durango upgrade gears up for implementation on the 13th of February. The community’s anticipation has been steadily building since the pre-release of the upgrade’s code on February 2.

This upgrade brings forth a suite of exciting features, including the Avalanche Warp Messaging (AWM) functionality. The AWM is poised to revolutionize communication capabilities on-chain and across chains, promising a more interconnected and resilient network. This enhancement is set to facilitate seamless interoperability of protocols on the ever-evolving Avalanche platform.

Market analysts, fueled by the palpable excitement, predict that the mounting buying pressure could propel a substantial 20% surge, potentially propelling AVAX to $49.95, effectively filling the current market range.

In a more bullish scenario, the gains might extend to $54.92, marking levels not witnessed since the bloom of May 2022 and showcasing an impressive 35% climb from current valuation.

AVAX: On-Chain Metrics Signal Sustained Growth

Examining the coin’s on-chain metrics, an additional layer of support for this positive outlook can be seen. Both social dominance and social volume metrics for AVAX have gracefully eased, painting a picture of serenity in the market. This tranquility often lays the foundation for sustained price growth, steering clear of premature topping out fueled by heightened volatility from mainstream attention.

As the imminent AVAX Durango upgrade takes center stage, traders and investors are on the edge of their seats, eagerly awaiting the potential surge that might unfold. With technical indicators, on-chain metrics, and market sentiment aligning favorably for AVAX, the cryptocurrency seems poised to continue its upward trajectory, potentially scaling new heights in the unfolding weeks.

Featured image from Pixabay, chart from TradingView