AVAX, MATIC, Uniswap witness explosive on-chain activity, on track for massive price rally
|- Messari Crypto's Analysts reveal that active Avalanche addresses hit a new all-time high in Q4 2021.
- The DeFi boom that started in the last quarter of 2021 fueled a spike in on-chain activity in AVAX, MATIC and Uniswap.
- Liquidity providers on Uniswap earned 54% more fees than in Q3 2021, indicating network growth and rising utility.
- Analysts have a bullish outlook on Avalanche price, predict a continuation of the token’s uptrend.
Altcoins AVAX, MATIC and Uniswap witnessed a massive spike in adoption and on-chain activity in Q4 2022. Analysts at Messari Crypto have noted the rising activity and users on AVAX, MATIC and Uniswap networks.
Altcoins prepare for a comeback as on-chain activity increases
Messari Crypto, a leading cryptocurrency intelligence platform, published a report on the performance of AVAX, MATIC and Uniswap in Q4 2021. The number of active addresses on the Avalanche network hit a new all-time high, fueled by network partnerships and rising demand for the token.
A network-wide increase in the total value locked in DeFi projects has contributed to the increased adoption of Ethereum-killer altcoins. Active users in DeFi are looking for Ethereum alternatives to save transaction costs and faster transfers.
Transaction volume on Uniswap increased 61% since Q3 2021, indicating a bullish shift in trader sentiment. Interestingly, liquidity providers on Uniswap earned 54% higher fees in Q3 2021.
AVAX price has posted double-digit gains in response to rising adoption and utility. Analysts have a bullish outlook on AVAX, MATIC and Uniswap prices. AVAX trading volume is climbing consistently, fueling a bullish narrative for the token’s price.
AVAX recently flipped Binance’s native token Binance Coin (BNB) in total value locked on the network. Analysts believe that a drop below $78 could imply a drop in AVAX price and an end of the token’s uptrend.
@SmartContracter, a renowned cryptocurrency analyst and trader, believes that AVAX price could hit a new all-time high before Bitcoin and Ethereum. The analyst has evaluated the AVAX price trend and identified a break in the downtrend from the past few months.
multimonth downtrend break on that daily close for $avax.
— Bluntz (@SmartContracter) February 16, 2022
I reckon this will probably be the first top 20 coin to make a new ath, well before btc and eth do imo. pic.twitter.com/JxQ8mX5giK
multimonth downtrend break on that daily close for $avax.
— Bluntz (@SmartContracter) February 16, 2022
I reckon this will probably be the first top 20 coin to make a new ath, well before btc and eth do imo. pic.twitter.com/JxQ8mX5giK
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