AVAX Adoption Rate Climbs to 23.5% Following Launch of New Visa Card

Avalanche (AVAX) is experiencing a notable increase in its adoption rate, currently at 23.5%. This percentage represents the active addresses making their first transaction on the network, highlighting the growing number of new users engaging with the platform.

AVAX's new adoption rate is on the rise, currently at 23.5%!

This metric highlights the percentage of active addresses making their first-ever transaction, offering a clear view of the role newcomers play in overall network activity. pic.twitter.com/MJDOPXtcQs

— IntoTheBlock (@intotheblock) October 23, 2024

According to blockchain analytics firm IntoTheBlock, this new adoption rate is a crucial indicator of the Avalanche ecosystem’s health and growth. A higher adoption rate suggests that many newcomers are entering the network, which is likely to lead to increased activity and user engagement.

The influx of first-time users is expected to positively impact various facets of the Avalanche network. As more individuals join, the frequency of transactions is anticipated to rise, further boosting overall network activity.

The Avalanche Card

The surge in AVAX’s adoption follows the recent launch of a Visa card tailored for cryptocurrency transactions. CoinTab reported that the card enables users to spend cryptocurrencies such as wrapped AVAX (WAVAX), USD Coin (USDC), and staked AVAX (sAVAX) at any merchant that accepts Visa.

The card facilitates instant conversion of crypto to cash for seamless transactions and offers cashback and rewards to enhance customer loyalty. It also features robust security measures, including biometric verification and multi-factor authentication, to protect users and their assets.

Analysts’ Predictions for AVAX Price

Avalanche recently broke out of a prolonged falling wedge pattern, suggesting a potential rally ahead. Market analyst CryptoBullet has set ambitious price targets for AVAX, predicting it could reach $130 in the initial phase and possibly soar to $228.

$AVAX #AVAX broke out of a multi-month Falling Wedge 👀

I’m expecting a good rally in the next 3-6 months 📈

🎯 Target 1 – $130
🎯 Target 2 – $228 pic.twitter.com/oU7EJJrI77

— CryptoBullet (@CryptoBullet1) October 13, 2024

This breakout follows a wave of excitement surrounding the platform, fueled by the launch of a new game and consistent price gains since August.

Another analyst noted that the moving average (MA), which helps identify trends in an asset’s price, shows that AVAX is currently facing resistance at the daily 200MA. However, the cryptocurrency recently bounced back to the 38.2% Fibonacci level.

He suggested that if AVAX can sustain the 38.2% level at $26.89, it may push higher toward the 200MA and aim for the first target at $31.23. If that level is retested and held, it could attempt to surpass previous highs at $33 before potentially advancing to $37.85.

AVAX is trading at $26.04 at press time, representing a 5.9% decrease in the past 24 hours.