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$AVAX price eyes a potential breakout toward $33, fueled by growing on-chain activity on Avalanche’s C-Chain and a bullish technical pattern.
- Activity on Avalanche’s C-Chain is accelerating, reflecting growing demand for DeFi, NFTs, and other Ethereum-compatible applications—boosting utility and demand for $AVAX tokens.
- $AVAX price forming an ascending triangle with resistance at $27; a breakout could trigger a measured move toward $33.
Avalanche’s C-Chain closed August with 35.8 million transactions, marking the second-highest monthly total in the blockchain’s history.
For context, the C-Chain is Avalanche’s smart contract chain, while the network also includes the X-Chain, which handles asset transfers, and the P-Chain, which manages validators and staking. Together, these chains allow Avalanche ($AVAX) to process transactions efficiently, support a wide range of applications, and maintain network security.
The surge on the C-Chain reflects growing activity on Avalanche’s smart contract platform, because it is specifically optimized for Ethereum-compatible smart contracts, enabling fast, low-fee transactions for DeFi applications, $NFT projects, and other dApps.
How does this affect $AVAX price?
The growing activity on the C-Chain can have positive implications for $AVAX price. As more users interact with smart contracts, DeFi platforms, and $NFT projects, the demand for $AVAX increases because the token is required to pay network fees and participate in staking.
Meanwhile, $AVAX price is currently exhibiting a bullish technical setup, forming an ascending triangle pattern with a relatively flat resistance level around $27. Yesterday, $AVAX price bounced strongly off the ascending trendline support. The uptrend has continued into today, with $AVAX edging closer to the resistance level and currently trading around $25. If it breaks out with strong volume and follow-through, the measured move suggests a potential upside target around $33.
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