As Cointelegraph reported, the AVAX token has risen 3.45% in the past 24 hours to $29.10. It is currently trading at $28.91, up 10% in the past week and 12.5% in the past 30 days.
AVAX’s gains are attributed to the upcoming Avalanche9000 upgrade, a surge in network activity, and strengthening market structure.
The Avalanche Foundation announced the launch of a $40 million grant program to support developers building layer-1 blockchains on the Avalanche network.
Avalanche9000 is called the "biggest network upgrade" since the mainnet launch in 2020, and aims to improve scalability, cost-effectiveness, and developer experience.
Technically, AVAX is trading in a significant demand range of $27 to $28.65, with the 200-day EMA located within this range, providing strong support.
According to IntoTheBlock, AVAX had about 7.7 million AVAX purchased by 191,230 addresses in the $27.51 to $28.44 range, showing strong support.
DefiLlama data shows that Avalanche's TVL increased from $717.4 million on August 5 to the current $100 million, an increase of 43.5%, and the AVAX price increased by more than 50% during the same period.
TVL growth indicates increased user engagement, leading to higher demand for AVAX, which typically signals significant price growth.
