AVAX, MATIC, Uniswap witness explosive on-chain activity, on track for massive price rally

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.