AVAX Price Holds Steady Near $30 as RWA Volumes Surge on Avalanche
Avalanche's native token, AVAX, is gaining traction with a promising outlook for the remainder of the year. Its price has been resilient, trading near $29.99 with a 1.61% increase in the last 24 hours. The AVAX ETF narrative keeps targets of $47 and $89 in focus, while analysts predict a climb from $30 support towards $50, potentially extending to $100+ in Q4.
On-chain metrics for AVAX present a mixed yet encouraging picture. While some indicators are bullish, others suggest caution. However, the surge in Real World Asset (RWA) transfer volumes on Avalanche is a clear positive. In the last 30 days, these volumes have surged 317% to $21.23 billion, highlighting Avalanche's growing role in tokenized assets.
AVAX's decentralized exchanges (DEXs) have also reached a significant milestone, surpassing $250 billion in cumulative trading volume. This achievement underscores the network's growth and increasing adoption. Despite broader market volatility, AVAX price has held steady around the $30 mark, with the $28 level serving as an immediate downside support.
The outlook for AVAX in Q4 appears constructive, with network adoption rising and the price structure firming. While on-chain metrics offer a mixed view, the significant increase in RWA transfer volumes and the resilience of AVAX price amidst market volatility paint an optimistic picture. As the network continues to grow, AVAX's potential to reach and exceed the predicted targets of $47 and $89 remains in focus.
