There are many twists and turns currently for the Avalanche ecosystem. On April 7, the Luna Guard Foundation had announced its intention to buy $100 million in AVAX tokens from the Avalanche foundation. Leading blockchain developer Avalanche announced on April 14 that it is raising $350 million at a valuation of $5.25 billion.
Additionally, on April 23, the Avalanche Foundation announced a strategic investment in Yeti Finance, its new decentralized borrowing protocol. Yeti Finance’s TVL reached $850 million in the week after launch. In one week, the protocol generated 1.86 million in revenue from transaction fees.
AVAX technical analysis – it barely reacts and breaks a downtrend line
Despite all these developments this month, AVAX does not seem to have received a favorable response. Its market cap is $19.4 billion. This is down 25% from the start of the month, when it was around $25.90.
Similarly, the token’s trading volume fell by more than 80%, from $1.74 billion at the start of the month to $341.51 million.
However, AVAX’s social dominance appears to have increased by 3%, according to statistics from Santiment.
L’AVAX/USD drew a line bullish trend since September 2021. After 2 rebounds on this support, the 3rd was done with low volumes. The Sunday candle was relatively small. This is a signal that the trendline may not hold the price this time, and if it is broken, the former resistance at $60, turned support, will be the next target for sellers.