While other blockchains witnessed a decline in active developers, Avalanche’s development activity remained high in the bear market.
have more developers, but their efforts were also reflected on the chart as the blockchain’s development activity and development activity contributors count increased substantially over the past three months, which was encouraging to see.Though the blockchain’s development activity remained high, its network activity dwindled over the bear market.
A similar declining trend was also noted in terms of AVAX’s captured value. Over the last three months, both AVAX’s fees and revenue dropped. The same remained true for the blockchain’s TVL, as it plummeted sharply during the same period. Like the blockchain’s network activity, AVAX’s price also dipped, which can be attributed to the current bearish market condition. According to
, AVAX was down by more than 3.6% in the last 24 hours. At the time of writing, it was trading at $9.52 with a market capitalization of over $3.3 billion, making it the 21st largest crypto.A look at Avalanche’s daily chart revealed quite a few indicators that suggested that the token could soon paint its chart green. For instance, the Relative Strength Index was about to enter the oversold zone.