AVNT Rallies 45% After Avantis Surpasses $100 Million in Total Value Locked
Avantis (AVNT) surged practically 45% in a single day, cementing its place among the many high each day gainers in the crypto market.
The worth spike coincides with one other main milestone for the community, as its Total Value Locked (TVL) reached a brand new all-time high (ATH) in October.
Avantis Sets New Record as TVL Climbs Past $100 Million on Base
Avantis is an on-chain perpetual derivatives and real-world asset (RWA) trading platform constructed on the Base network. Despite being a comparatively new participant in the market, the platform has seen notable development.
In a put up on X (previously Twitter), Avnatis introduced that its TVL has exceeded the $100 million threshold.
“We’ve surpassed $100 million in TVL: A large milestone in Avantis’ journey. Avantis USDC (avUSDC) simplifies entry to perpetual yields, enabling anybody to change into a passive market maker. Next up: Composable yield integrations for avUSDC. The highway to $500 million TVL continues,” the post learn.
According to the most recent information from DefiLlama, the community’s TVL has surged 431% over the previous month. At press time, it stood at $106.5 million, marking a brand new document high.
The community’s development is additional highlighted by its rising person adoption. Despite a broader market downturn, Avantis has continued to attract and retain traders.
On-chain information from Dune indicated a rise in new customers, with the variety of returning merchants reaching an all-time high, highlighting the platform’s sturdy group engagement and sustained demand.
Why is Avantis (AVNT) Token’s Price Surging?
Meanwhile, the community’s continued enlargement has additionally fueled AVNT’s price momentum. Following the TVL milestone, the token recorded a pointy uptick in worth.
According to BeInCrypto Markets information, AVNT has climbed 44.69% over the previous 24 hours. At the time of writing, it traded at $0.70.
The altcoin’s 24-hour trading quantity additionally soared to $298 million, marking a 613% enhance and signaling heightened liquidity and rising market participation across the token.
In addition, market watchers are projecting increased valuations for AVNT going ahead. An analyst identified that AVNT just lately broke out of a falling wedge sample. This is a bullish technical setup that usually indicators the tip of a downtrend.
According to the analyst, the token has bounced off a key demand zone and is now displaying indicators of backside formation with sturdy bullish momentum constructing. The analyst set short- and mid-term targets at $0.8739 and $1.1849, respectively, suggesting additional upside potential if market sentiment stays constructive. Others additionally share an analogous outlook.
For now, AVNT’s outlook seems favorable, supported by sturdy technical indicators and rising on-chain exercise. However, whether or not the token can maintain its upward momentum or faces one other correction stays to be seen.
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