Avalanche Stablecoin Activity Soars: AVAX Market Nears Breakout

The Avalanche network has witnessed a significant surge in stablecoin activity, with its supply increasing by 14% in the past month and transaction volume jumping 715%. This growth is driven by strong demand for decentralized exchanges like Blackhole, LFJ, and Uniswap, which processed $7.7 billion in July and $5.8 billion this month, respectively. The price of AVAX has also shown bullish signs, forming a double-bottom pattern at $15.60 that could potentially lead to a significant price breakout above the $27.4 resistance.