Avalanche: Why AVAX could still be on thin ice despite a commendable…

Avalanche's latest collaboration with Chinese company Alibaba could change the game for AVAX in the cryptocurrency market. At press time, the excitement of the partnership was reflected on the AVAX charts.

The collaboration represented an important opportunity, especially for Avalanche which stands to tap into a wave of potential value and liquidity. The magnitude of the partnership cannot be understated considering that Alibaba is one of the biggest companies in the world.Major announcements involving partnerships that have the potential to bring in a wave of new users usually trigger higher demand for a cryptocurrency.

Investor sentiment improved slightly in the last two days, as reflected in the weighted sentiment recovery from its monthly low. Also, there was a large spike in social dominance, hence a significant gain in terms of visibility.One of the ways to tell if the excitement has been converted into strong demand is to evaluate on-chain volumes.

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