AVAX price at crossroads as the Avalanche C-Chain post its second-highest monthly activity ever

CoinJournal
CoinJournal
AVAX+3.15%
  • Avalanche C-Chain hit 35.8M transactions in August, boosting AVAX demand.
  • AVAX price struggles below $27 after repeated rejections.
  • Strong fundamentals support long-term AVAX’s growth despite short-term risks.

After a failed break out above the resistance at $26.50, the AVAX price has experienced a significant drop, nearly erasing all its weekly gains.

At press time, Avalanche (AVAX) cryptocurrency was just 0.5% higher on the weekly chart.

Nevertheless, the general market setup still shows some bullish potential as the Avalanche C-Chain continue posting impressive network activity that has greatly impacted the performance of the AVAX token and contributed to its 11.5% price surge in August.

Notably, the altcoin has become one of the most closely watched assets in the current market cycle, with both technical traders and long-term investors keeping an eye on its critical levels.

Avalanche’s C-Chain activity on the...

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