Despite the general decline in the cryptocurrency market, the native token of Avalanche AVAX  has been a standout performer, surging by 18.96% over the past 24 hours. This impressive surge has propelled its monthly gains to a striking 152.83%, driving its price to $42.35, which was not witnessed since May 2022. 

Avalanche has climed to the 9th position, advancing from its previous 10the position, now boasting a market capitalization of 15,489,641,388.

AVAX successfully defied the broader market downturn and managed to withstand selling pressure created as a result of a significant token unlock on November 24th, where $213.35 million worth of coin entered circulation. Typically, such events trigger price drops due to increased selling, but the coin showed high resilience.

This positive trend extends beyond price movements. The volume of substantial coin transactions (above $100,000) has notably increased, hitting almost 1,000. Though it’s not on par with the levels seen in the previous bullish market, it is a positive sign for future growth.

There are multiple factors contribute to AVAX’s exceptional performance:

Increased on-chain activity: There’s been a slight rise in both new and active addresses, indicating growing user interest. The total number of AVAX-holding addresses now stands at 6.12 million, and the network has processed 1.93 million transactions.

Real-world asset (RAW) tokenization: Big financial players like JP Morgan, Citi, and Bank of America are actively exploring RWA tokenization and have chosen Avalanche technology for their blockchain solutions. They favor Avalanche’s high-throughput blockchain, which is crucial for efficient transaction processing.

Overall, AVAX is showcasing exceptional resilience and growth potential. With its strong technical foundation, increasing on-chain activity, and the backing of major financial institutions, AVAX is well-positioned to continue its impressive upward trajectory.