$AVAX had a significant downward momentum in the last month. In recent days, it has performed better than expected when compared to other assets like SOL and TIA. Analysts believe, after taking into account the market dynamics, that the price projections are generally encouraging.
NFTs Can Impact Avalanche’s Market Performance
The Avalanche network’s increased activity was largely fueled by NFTs like Dreamheadz and Dokyoworld. The Dokyoworld collection, which peaked at $5.8 million in trading volume during 90 days, continued to be the most traded NFT on Avalanche.
Avalanche native NFT project @dokyoworld twice became the top traded NFT collection across all chains, according to @cryptoslamio https://t.co/aQHkmWg2G2
— Avalanche 🔺 (@avax) February 5, 2024
This enhanced network fame in the NFT industry is indicating a growing interest among an expanding community of Avalanche NFT collectors. An increase in NFT activity could be beneficial to the Avalanche network’s overall health and promote a flourishing market for AVAX this month.
Can AVAX Break the $40 Price Point in February?
At the time of press, the trading price of AVAX was $39.43, indicating profit booking on the charts following an intraday decline of 1.36%. In addition, the trading volume dropped by 28.34% to $444,798,448 million, highlighting the speculative nature of the market and investors.
AVAX has decisively sustained gains above the neutral region and is looking to stretch the rebound to reach the bullish region. While many analysts are speculative, some believe that the coin is attempting to extend the upswing to the bullish zone and break the $40 price point at the end of February.
Algotech (ALGT) Emerges as a Major Alternative under Speculative Market Sentiment for AVAX
With the uncertain nature of AVAX in February, investors are looking toward other projects that promise huge profits and can displace legacy projects. Algotech (ALGT) is emerging as a great alternative to AVAX because of its lucrative rewards and user incentives.
The project has managed to raise over $1.1 million within two days and is poised to reach even greater heights as the market looks toward emerging opportunities in February before major crypto events like Bitcoin Halving and ETH ETF approvals.
Community members of Algotech are entitled to governance rights, profit shares, and have access to advanced trading strategies, including hedging, mean reversion, and algorithmic consolidation.
The project is perfectly positioned to become a major stakeholder in the market. With presale demand heating up, a surge from $0.04 to $1 could be highly likely in upcoming weeks. The deflationary ERC-20 coin is also backed by solid tokenomics that ensure continued reinvestment back into development to support the growth of the trading platform.
Learn more:
Visit Algotech Presale
Join The Algotech Community
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