AVALANCHE EVERGREEN SUBNET

The Avalanche is picking up steam with a surge in daily active wallets. Avalanche's daily active wallet address is just hit a 6 months high of almost 80,000 on April 12th. The ecosystem has also grown by 85% in the past 9 days which is definitely an impressive growth metric. This makes Avalanche one of the fastest-growing protocols right now, outpacing the likes of the BNB chain, Ethereum and Bitcoin. There are only 4 protocols that grew at a faster piece this year and those were Starknet, Arbitruim, Stacks, and Canto. The reason for this sudden surge of users of Avalanche came off the back of some big and exciting institutional news for Avalanche.

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Avalanche has seen traditional finance players to test out the Evergreen subnet which is their institutional play for blockchain. This includes big institutional players like Wisdom Tree, T Rowe Price, Wellington, and Cumberland. These companies have joined up with Avalanche's Subnet called Spruce to make trade execution and to make trade settlements even more efficient. They plan to use Spruce as something of a testnet environment for different financial applications and assets that might want to bring out. Avalanche Evergreen subnets, they were launched at the beginning of the month thus offering a big Suite of different blockchain solutions for institutions to come in and use.

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The weekly close for Bitcoin came in solid above the key line of price resistance at $28,500, which is very good to see. We did rally as high as $31,000 last week, we want to see this week's candle close even higher. If the candle were to close looking like what it does right now, there will be a bullish signal because it will show a retest. Looking at the Relative Strength Index (RSI) for Bitcoin on a weekly, 2023 has been a very dramatic year for Bitcoin. We are already nearing levels, the last time the RSI was this for Bitcoin was when Bitcoin was $69,000 in last 2021. You should know that major rallies tend to finish with an overbought reading on the weekly of usually around 80 or 90 such as we saw in 2017, 2019, and 2021.

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