Avalanche (AVAX) DEX Volumes Reach Record $1.3B Amid Market Pullback
Avalanche (AVAX) gained 2.5% on Sept. 24, stabilizing near $35 despite negative sentiment from the Fed's recent rate cut affecting the broader crypto market.
- Avalanche's resilience is linked to increased DeFi activity, with DEX volumes hitting a record $1.3 billion on Sept. 24.
- This increase indicates investors are seeking yield opportunities within Avalanche rather than exiting to fiat or other chains.
- AVAX has risen 47% in the last 20 days, defying broader market corrections.
- Hivemind Capital Partners announced a $550 million investment to launch AVAX One, focusing on tokenizing financial assets on the Avalanche blockchain.
AVAX Price Outlook
- AVAX has climbed 48% in September, consolidating around $35.
- The price is sustained above the 20-day EMA at $33, with positive momentum indicators.
- A sustained close above $35 could lead to a new peak above $43.
- If support at $33 fails, a retest of $30 is possible, where the 50-day EMA may provide support.
Increased DeFi activity and institutional inflows could maintain investor interest in AVAX despite broader market pressures.