The Avalanche [AVAX] ecosystem has grown significantly since the start of 2023. According to a tweet, the network’s daily gas usage has drastically grown year-to-date (YTD).
One element contributing to the uptick may be the rise in new contracts. Dune Analytics reports that the number of new contracts rose by a startling 75% in February after rising by a monthly average of 30% in January.
From the beginning of the year, Avalanche has formed prominent alliances to raise the prominence of its network. In order to promote the use of blockchain technology by corporations and governmental bodies, it partnered with Amazon AWS in January.
Last week saw a big development for GameFi with the announcement of a collaboration with the Indian streaming platform Loco to launch an NFT gaming marketplace.
These high-value transactions significantly improved Avalanche’s social analytics, which witnessed a 16% increase in mentions and engagements over the prior week.
The NFT ecosystem at AVAX also developed throughout the preceding week. On January 23, there were more NFT trades than the day before, and there were also more NFT transactions.
AVAX hit its lowest point on January 13 according to data from CoinMarketCap, but it miraculously recovered to report gains of 14% as of press time.
AVAX broke through the $19.54 indicated resistance level on February 19 but quickly turned around to test it as support. This may portend a promising development in the near term.
The Relative Strength Index (RSI), despite being in decline, was still above the neutral 50 mark. As the Moving Average Convergence Divergence (MACD) line almost crossed the signal line, it was difficult to predict how AVAX might move in the future.
AVAX’s Open Interest (OI) trended upward along with its price. The increase in OI was filling new positions, which would momentarily assist the price.