Avalanche Reaches One Million Monthly Active Users Since Its Launch in September 2020

Avalanche has finally hit and surpassed one million monthly active users since it was launched in September 2020. This surge in the number of active users is also having a positive effect on AVAX, the native token of Avalanche. The sudden surge happened after the AvaCloud platform was launched. The AvaCloud platform was developed to promote the development of subnets with ease.

As per the creator of Avalanche, AvaCloud was developed to encourage the creation of custom blockchains with no need for coding. Another reason for the steady increase in the number of users of Avalanche can also be attributed to its consistent partnerships with leading platforms in the Web3 sector. Moreover, DeFiLlama data shows that Avalanche is now one of the largest blockchain networks, with almost $700 million in its TVL (Total Value Locked).

Key AVAX Levels To Watch – June 1

According to the indication of the MA Cross, the market’s overall trend is bearish. In response to the buy-side liquidity grab above $21.0113600, AVAXUSD has been declining down the crest. On March 10, 2023, AVAXUSD hit $13.8829300, which caused a relatively long retracement to the upside.

Avalanche hits 1 million monthly active users for the first time https://t.co/yBYa0AQJO3

— The Block (@TheBlock) June 1, 2023

In the course of the upward retracement, the price rose alongside diagonal support. The diagonal support was breached as the bears returned to the market. As of now, the AVAXUSD is back at $13.8829300 support. A retracement of the total reversal is very possible from here.

Avalanche Key Levels 

Resistance Levels: $15.7386200, $18.6611100, $22.7963000
Support Levels: $13.8829300, $11.7910400 $10.5773000

Total Market Capitalization: $1.13T
Avalanche Market Capitalization: $4.92B
Avalanche Volume: $0.14B
Market Rank: #16

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