Nfts
Everything about Konami’s “Resella” NFT platform on Avalanche
- Konami and Avalanche collaborate to launch the NFT platform “Resella”.
- The measurements suggest a potential rise in prices.
Gaming giant Konami, creator of Metal Gear Solid, has teamed up with avalanche [AVAX] to develop a new NFT platform called “Resella”. This collaboration marks Konami’s entry into blockchain and could spark Avalanche’s adoption ecosystem.
Crypto analyst, Dan Johnson, tweeted that AVAX will grow after price consolidation. Konami’s massive user base could attract significant attention and attract new users to Avalanche’s network.
AVAX remains silent despite the news
Despite the bullish news, AVAX has stagnated in the short term. At press time, AVAX was trading at $27.76, down 1.1% in the last 24 hours.
The asset broke the support level at $29.22 on June 24 before returning to current levels. This suggests that the market is in a waiting phase while investors evaluate the implications of the Konami partnership.
Source: TradingView
Mixed signals from on-chain metrics
To evaluate analyst predictions, AMBCrypto analyzed sentiment, social volume, and development activity data.
Social volume data has indicated significant fluctuations, with recent spikes likely linked to the announced partnership with Konami. This may suggest greater market volatility in the short term.
Development activities have indicated several spikes in recent days. Today’s instinct spike could be linked to Konami’s announcement. This is a long-term bullish market sentiment.
Source: Santiment
Bulls vs. Bears
We further analyzed Coinglass long/short ratio data. According to the data, Avalanche’s long/short ratio showed 83.33% long versus 16.12% short.
This suggests that the bulls are in control of the market. This could be positively correlated with Konami’s announcement-anticipation of a possible further rise in AVAX prices.
Source: Coinglass
Read Avalanches [AVAX] Price prediction 2024-25
What future for AVAX?
The analyzed market sentiment all signals a bullish rally, marrying with the analyst’s breakout potential phase. AVAX could reach the $29.22 resistance zone and potentially reach its target at the $39.46 level.
However, if the bullish momentum is not enough, the price could retrace the resistance zone and fall further.