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Following
AVAX 
BTC Active addresses rose sharply
Markets remain cautious
AVAX is trading at US$6.55 and has a market value of US$2.83 billion.
The currency is testing a long-term monthly demand area.
analyst The Boss pointed out that if the support level is held, the target price can be raised to $29.97.
Active addresses increased by 30%, approaching 119,600 daily users.
Bitcoin's decline has kept the entire cryptocurrency market cautious.
Avalanche (AVAX) is currently trading near a price level that traders have been focusing on for months. The currency is within a demand area that has provided support on multiple occasions in past cycles.
At the time of publication, AVAX was reporting US$6.55, with a 24-hour trading volume of US$233.19 million. Avalanche has a market value of US$2.83 billion. Prices have been stable over the past day.
Cryptocurrency analyst The Boss shared a chart on the X platform that pointed out this area. The post stated that AVAX is in a demand area that has previously attracted buyers.
The Boss pointed out that AVAX has lost multiple support levels during the long-term decline. The current area is the position where buying pressure has returned in past downturns.
If the area can be held, The Boss lists multiple upside targets, including $9.15,$10.85,$14.48,$19.65,$22.78, and $29.97.
The analyst also warned that if the monthly closing price confirms to fall below this region, it will further push the downward trend.
Active addresses have increased significantly
Network data tells the other story. The number of active addresses on Avalanche has increased.
Data company MSB Intel announced on the X platform that the number of daily active addresses has increased by about 30%. In the past week, this number has been close to 119,600 users.
This indicates an increase in wallet activity across the network. More and more people are using apps built on Avalanche.
MSB Intel's post views this as a sign of increased usage. This growth occurred against a background of stable prices.
Markets remain cautious
Despite growing online data, AVAX's price trend remains neutral. There was no significant unilateral fluctuations in the currency.
Part of the reason comes from the trend of the broader market. Bitcoin has fallen in recent trading days.
Falling bitcoin prices usually keep other currencies, including AVAX, in range volatility. Traders often tend to wait for Bitcoin to give a clear direction before conducting larger-scale operations on other targets.
If AVAX is to go higher, buyers need to hold onto the current demand area. While this test is underway, on-chain activity continues to increase.
Successfully holding this area may open the way for prices to move towards the resistance levels listed by The Boss. A break below this area is likely to extend the current downtrend.
According to the latest data, AVAX was quoted at $6.55, with a market cap of $2.83 billion, and a 24-hour trading volume of $233.19 million.
