Avalanche developers launched the AvalancheGo@v1.8.6 upgrade recently. This version is v1.8.0-backward compatible, which developers recommend despite being optional. Besides the new update, the Avalanche community has seen multiple positive developments recently.
That has seen the blockchain increase its value. Also, AVAX’s price reacted to these developments, recording a 2% uptick within the past 24 hours. While publishing this post, the alternative token traded at $18, with its market capitalization at $5,325,276,801. Though these developments appeared promising, the primary question is whether AVAX can react with a new bullish rally.
Avalanche has registered multiple partnerships with various players within the marketplace. That has bolstered the blockchain’s popularity and its offerings. For instance, Avalanche collaborated with Boba Network recently. Boba is a multi-chain L2 scaling solution.
Moreover, the official tweet indicated that this partnership would ensure quicker transfers at reduced costs. Surprisingly, AVAX recently topped the list of Avalanche projects in bullish sentiment. The updates complemented AVAX’s latest upsurge and confirmed lucrative days ahead.
Some on-chain metrics favored AVAX, indicating more price surges in the upcoming days. For example, Avalanche’s development activity surged substantially within the previous week. That printed a positive picture as it reflected developer efforts in enhancing the blockchain.
The non-fungible token (NFT) world also highlighted some movements, with NFT trade counts spiking within the previous week alongside the social volume. Nevertheless, the social volume metric recorded a dip after an uptick.
Surprisingly, CryptoQuant’s analysts suggested that Avalanche’s RSI (Relative Strength Index) and stochastic hovered at their respective neutral regions. That shows the market can fluctuate in any direction. Considering these optimistic network developments, Avalanche might record an impressive performance within the coming week.
Also, the token’s chart revealed similar outcomes as market indicators favored upsides. Avalanche’s OBV (on-balance volume) recorded an upside, indicating a bullish sign. Furthermore, the BB (Bollinger Bands) showed that AVAX hovered in a crunched territory. That increased the chances of northbound actions in the coming sessions.
Nevertheless, the CMF (Chaikin Money Flow) remained neutral. Also, the EMA (Exponential Moving Average) Ribbons show sellers dominated the marketplace. And that might hinder AVAX’s upcoming bullish move.