- Avalanche price has been one of the top-performing altcoins this week.
- The uptrend is mostly because of the growing adoption of Stars Arena.
- Stars Arena is a social platform that is competing with Friends.tech.
Avalanche price has bounced back this week as activity in Stars Arena held well. The AVAX coin jumped to a high of $10.27 on Thursday, highest level since August 31st. It has jumped by more than 15% from the lowest level in September.
Stars Arena growth continues
Avalanche is one of the biggest players in the crypto industry. It is an Ethereum rival with superior speeds and lower transaction costs. According to DeFi Llama, it is the fifth biggest chains in the world, with a total value locked (TVL) of over $1.5 billion.
AVAX price has held quite well this week even as risks to the crypto industry continued. Some of the top risks are the rising bond yields, lower crypto volume, and the elevated risks of a recession.
It is unclear why Avalanche price has risen this week since the developers have not made a major announcement. A likely reason is the growing usage of Stars Arena, which has become the fastest-growing dApps in its ecosystem.
Read more: How to buy Avalanche.
Data by DappRadar shows that Stars Arena has over 10.4k Unique Active Wallets (UAW). This volume has jumped by more than 37% in the past 24 hours, signaling that the network is growing well. It has a balance of over $1 million.
Stars Arena is new player in the so-called socialFi industry that has done well after the launch of Friends.tech on Base. According to DeFi Llama, the platform has over $1 million in total value locked (TVL).
Avalanche price has also risen as the volume of its other projects rose. For example, Trader Joe has seen its volume rise by 24% while Trader Joe, WOOFI, and Move Stake have jumped by over 50%.
Avalanche price forecast
The daily chart shows that the AVAX crypto price has made a strong recovery in the past few days. It has now retested the important resistance level at $9.95, the lowest swing on June 10th. The coin has moved to the 50-day moving average while the Relative Strength Index (RSI) has moved above the neutral point of 50.
Therefore, the outlook for AVAX is bullish, with the next target being at $12.09, the lowest swing on June 29th. The stop-loss of this trade is at $8.63, the lowest level this year.
