Is AVAX an undervalued asset in 2024?

AVAX CRYPTO_NEWS

After Bitcoin’s [BTC] recent crash, the crypto market cooled down, with many altcoins not seeing much traction and activity over the last few days. However, Avalanche [AVAX] could be a diamond in the rust in 2024.

A comeback in the works?

Despite the waning interest in altcoins, Avalanche managed to see massive activity. This was reflected by the growing Daily Active Addresses and Daily Transactions on the network, which have risen since the start of this year.

Growth on all fronts

A large reason for the same could be subnets on the blockchain. The Avalanche subnet addresses scaling challenges by redirecting activities from the main chain, offering unparalleled scalability and customization.

This has led to Avalanche securing significant partnerships with institutions such as Citibank and J.P. Morgan, which are keen on the new technology.

Some ups and downs

In terms of price, AVAX was trading at $36.28 at press time — its price had grown by 1.18% in the last 24 hours. However, the uptick wasn’t enough to establish a significant trend, and the price movement over the last month still looked bearish.

However, the RSI told a different story, as it saw a massive rise over the past few days. This indicated that there was a lot of bullish momentum behind AVAX’s price.

The surge in bullish momentum for AVAX could aid the token in seeing green in the future.

Regardless, there could be some challenges for AVAX in the road ahead, especially regarding social traction. The Social Volume around AVAX plummeted significantly in the last few weeks.

Coupled with that, Weighted Sentiment around the token fell as well. Thus, the overall outlook towards Avalanche on social media platforms was negative at press time.

Source : AMBCrypto / Jan 18, 2024

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