Avantis (AVNT) soared nearly 45% in one day, solidifying its position as the top daily gainer in the crypto market.
This price increase coincides with another major milestone for the network, as Total Value Locked (TVL) reached a new all-time high (ATH) in October.
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TVL surpasses $100 million base, Avantis sets new record
Avantis is an on-chain perpetual derivatives and real world asset (RWA) trading platform built on the Base network. Despite being a relatively new player in the market, the platform has seen significant growth.
In a post on X (formerly Twitter), Avnatis announced that TVL has passed the $100 million threshold.
“TVL has surpassed $100 million. This is a major milestone in Avantis’ journey. Avantis USDC (avUSDC) simplifies access to perpetual yield, allowing anyone to become a passive market maker. Next up is composable yield integration for avUSDC. The path to $500 million TVL continues,” the post reads.
According to the latest data from DefiLlama, the network’s TVL has surged 431% over the past month. At the time of writing, the sale was $106.5 million, a record high.
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The growth of this network is further highlighted by increasing user adoption. Despite widespread market downturns, Avantis continues to attract and retain traders.
Dune’s on-chain data shows new user growth and returning trader numbers reaching record highs, highlighting the platform’s strong community engagement and sustained demand.
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Why is the price of Avantis (AVNT) token soaring?
Meanwhile, the continued expansion of the network is also accelerating AVNT’s price momentum. After the TVL milestone, the value of the token recorded a sharp increase.
According to data from BeInCrypto Markets, AVNT has risen by 44.69% in the past 24 hours. At the time of writing, it was trading at $0.70.
The 24-hour trading volume of altcoins also surged to $298 million, an increase of 613%, indicating increased liquidity and an increase in market participants centered around the token.
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Moreover, market observers predict that AVNT will be valued higher in the future. Analysts noted that AVNT recently broke out of a descending wedge pattern. This is a bullish technical setting and often signals the end of a downtrend.
According to analysts, the token has rebounded from a major demand zone and is currently showing signs of building a bottom with strong bullish momentum building. The analyst set short-term and medium-term targets at $0.8739 and $1.1849, respectively, suggesting further upside potential if market sentiment remains positive. Others share a similar outlook.
For now, the outlook for AVNT looks positive, supported by strong technology signals and growth in on-chain activity. However, it remains to be seen whether the token can maintain its upward momentum or face further correction.
