AVAX has for the most part been overshadowed by its more popular rivals such as ETH so far this year.
AVAX price has for the most part been overshadowed by its more popular rivals such as ETH so far this year.
However, that might change soon because recent data revealed that Avalanche has been gaining more attention.
Google search data revealed a surge in AVAX-related searches since the start of August.
This could be an early sign that AVAX might be headed for exciting times ahead, especially now that altcoin season is in the early stages.
Rising search activity has traditionally been seen as a potential demand indicator, or an early sign of growing network activity.
A spike in searches was thus noteworthy, especially with altcoin season expected to accelerate liquidity rotation.
AVAX price maintained an overall positive bias in the last 3 months, during which it achieved a 57% premium.
The cryptocurrency exchanged hands at $25 at press time courtesy of a 21% rally from its lowest price point in August.
Despite this recent upside, AVAX was still heavily discounted. For context, its latest price point represented a 58% pullback from December highs, and about 82% from its historic top.
In other words, it had a lot of room for recovery before even retesting its previous high.
Short-term performance at least for this new week eyed the $27 price tag. This was because it was the next key level of resistance.
A breakout above the $27 price level could be a healthy indicator confirming the strength of its latest momentum.
The latest demand data also confirmed that ballooning interest in AVAX. For example, its open interest surged as high as $854 million on Thursday, which also marked its highest level so far.
Similarly, derivatives volumes saw a sizable uptick, which accompanied the bullish price action during the week.
However, spot flows were a mixed bag, with the first week of August leaning in favour of the bulls, but things flipped in favour of the bears in the second week.
These data points signalled that spot demand remained relatively subdued. Meanwhile, the derivatives segment highlighted surging interest in the coin.
As far as network performance was concerned, Avalanche DEX volume signaled a continuation of the activity observed in July.
The network’s DEX volume in the last 2 months surged to levels previously observed in December 2024.
Some of Avalanche’s key metrics also backed the positive growth momentum. For example, the network’s stablecoin count peaked at $1.77 billion recently, a healthy recovery after bottoming out at $1.22 billion in June.
Similarly, Aptos TVL grew from as low as $1.35 in June to above $2 billion at its latest local peak last week.
Meanwhile, address growth painted a different picture. One that did not demonstrate significant improvement compared to May, which was its busiest month.
While address activity did not directly reflect the surging excitement, the rising DeFI ecosystem activity in the Avalanche network was noteworthy.
However, this latest excitement around AVAX searches on Google may have been backed by recent fundamental developments.
Avalanche revealed at the start of the second week that it had secured record high DEX volume contracts.
Moreover, the network celebrated its integration with card payments giant Visa to facilitate global stablecoin settlement.
The Visa integrated underscored Avalanche crypto’s potential to leverage robust network. The network also aimed to onboard over $250 million worth of RWAs.
In other words, Avalanche was one of the networks looking to tap into one of the top narratives in the current bull-run.
This could put AVAX price on track for some exciting times if it can secure stronger demand especially if it secures enough demand.
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