Avalanche [AVAX] has recently marked a substantial achievement in its stablecoin market cap, reaching levels that haven’t been seen in months. As of the latest data from DefiLlama, the stablecoin market cap stands at approximately $1.15 billion.
This surge is noteworthy, especially considering the stablecoin market cap had previously hovered around $1 billion, experiencing a noticeable decline in November 2023. However, within the last 48 hours, there has been a sharp increase, bringing it to its current level.
The uptick in the stablecoin market cap indicates a notable influx of funds into the ecosystem. Despite this, other key metrics within the Avalanche network, such as Total Value Locked (TVL), have not experienced a comparable surge. While the TVL has seen a modest increase, reaching around $888 million at the time of writing, it has not matched the intensity observed in stablecoins.
Furthermore, an analysis of Avalanche’s trading volume reveals no significant recent movements. The recent success in the stablecoin market cap appears somewhat isolated, with other metrics struggling to show parallel growth.
Despite some signs of increase, the overall trajectory has been downward, with the 24-hour volume standing at approximately $150 million as of the current writing. Moreover, an examination of network inflows revealed a recent nadir, with the present influx recorded at just over $3.8 million.
AVAX’s Positive Momentum
Avalanche’s daily timeframe chart exhibits a consistent upward price trend over the last eight days, barring only two exceptions. On February 9th, AVAX successfully breached its resistance, symbolized by the short Moving Average (depicted as the yellow line), and has held this position since.
Related: Is Avalanche (AVAX) Better Than Ethereum (ETH)?
As of the latest update, AVAX is trading at around $41.3, signifying an increase of over 4%. Additionally, the recent upward surge has propelled it above the neutral line, bringing it closer to the overbought zone on its Relative Strength Index (RSI). The prevailing sentiment surrounding the network could further influence the price trend if it persists.
