With the increase of requirements for NFT solutions, the prices on Monday experienced another avalanche. The AVAX token rose to a high of $30.16, the highest since May 23 this year. It has jumped above 118% from this year's minimum standard. Its valuation has jumped to more than $8 billion.

NFT improvement

Avalanche is a competitor of Ether, which has overcome some major challenges faced by the blockchain smart contract service platform. It is a channel to prove the relationship of interests, with surprising speed and low carbon emissions. It is also famous for its Avalanche Rush and Multiverse equity financing round, which brings millions of assets to real estate developers to build their new projects.

Avalanche has been used to build some of the hottest blockchain projects in the industry. Some applications in its ecosystem include Benqi, Aave, Trader Joe and GMX. Its total locked in use value (TVL) exceeded 2.45 billion US dollars, making it one of the largest companies in the DeFi field.

However, this TVL is far below its historical peak of more than $12 billion. At the same time, AAVE's market dominance is about 45%, which is a bit adventurous.

It is not clear why the avalanche price rose in a hyperbola on Monday. One possible reason is that the new NFT project on the platform is relatively good. Prepared byData Encryption Grand SlamIt shows that the total sales of the ecosystem has increased by more than 37% in the past 24 hours.

There were 209 transactions in total, and the use value exceeded 28730 transactions. However, this volume was significantly smaller than 52987 transactions in Solana. Another possible main reason for the increase of AVAX price is the fear of missing (FOMO), because digital currency seems to be in a bull market.

Avalanche price forecast

The k-line chart of the stock market shows that the price of AVAX has recovered strongly in the past few weeks. In this link, the coins reached the key pressure level of $22.14 and $26.43. It also rose again and reached the 25 day 50 day moving average system. MACD also rose to the highest level for many years.

Therefore, with the two sides setting the next important resistance point at $35, the coin may rise again. A fall below the $28 support would invalidate the upside view.