After Avalanche’s 20% Weekly Spike, Can AVAX Reclaim the $35 Level?

After the altcoin's recent 30% price increase from the $22 level, Avalanche (AVAX) has been on the watchlists of the majority of cryptocurrency traders. AVAX was trading at $29.06 at the time of writing and has recaptured position 12 in the market capitalization ranking of cryptocurrencies, showing a 5% increase on the daily chart.

Many in the market anticipate another wave of price growth for AVAX toward the $35 level with higher market gains. What lies ahead for Avalanche now that its basics seem to be solid?

New Avalanche Achievements

The Avalanche network achieved a new milestone on August 9 during the last trading hours of the Asian session, when the currency had its greatest daily transaction volume ever. As the indicator crossed the 1.51 million transaction threshold, the daily transaction count for AVAX achieved an all-time high.

It wasn't the most remarkable item, but the huge transaction volume suggested more enthusiasm or hope in the market for the ecosystem. The fact that AVAX had more transactions on August 9 than Ethereum, Arbitrum, and Optimism all together was one of the funniest aspects about the coin's high transaction volume.

The price increase for AVAX began to gain steam around August 6 with a 9% increase. Many cryptocurrency observers believed that the development of Avalanche-based NFTs was the primary cause of the coin's upward momentum.

The trading volumes of NFTs based on Avalanche increased 30% on August 9. Additionally, NFT sales showed a nearly 10% increase within the same period.

Robinhood also declared support for Avalanche and Stellar (XLM), which contributed to the positive momentum's expansion.

AVAX Hits Target at $35 Level

Just last month, AVAX's price fell to its lowest point of $13.75; nevertheless, the coin's fast rebound has given token investors cause for confidence.

Notably, AVAX shown remarkable signals of recovery from the longer-term decline the cryptocurrency has seen for more than four months. The bullish reversal has increased the altcoin's price by almost 110% from June 2022, when it was at a lower price point.

AVAX's price rising over the crucial $30 threshold may help bulls' market momentum in the near future.

The $36 and $51 levels would be the next resistances in the near future for AVAX that bears might hold.

However, daily trading volume increased by 22% during the previous 24 hours from press time, indicating a revival of retail momentum for AVAX. Since AVAX's price surged over the crucial $28 barrier, there is a good probability that the coin will reach the $35 level unless bears seize the initiative.