Avalanche Price Hits 10-Month High as Renewed Interest in Gaming Drives Bullish Sentiment
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Avalanche (AVAX) price hit $20 on Monday for the first time since April 2022, driven by renewed interest in GameFi on Avalanche subnets.
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Gaming subnets like DFK and DEXALOT are processing more transactions than Avalanche's C Chain, increasing fee burns. Over 38,000 AVAX burned in fees in the past 30 days.
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Validators and holders staked over 36 million AVAX tokens in the past 10 days. More staking indicates bullish sentiment and reduces AVAX supply.
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AVAX up 75% in past 10 days, becoming the second best performing major altcoin behind Solana. Analysts predict continued gains if demand stays high.
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Initial resistance at $23 where 400k+ holders bought nearly 3 million AVAX. Breaking $23 could see prices reclaim $30 levels based on bullish on-chain activity.