Despite the fact that the market is in a slump, Avalanche [AVAX] has taken advantage of every opportunity to form significant partnerships. With its most recent alliance, Avalanche is positioning itself to provide institutional services, which could signal the start of the next stage of blockchain use.
Avalanche and Amazon Web Services announced a partnership on January 11th to promote the widespread use of blockchain technology in businesses and government agencies.
It’s official! @Amazon #ChoseAvalanche to bring scalable blockchain solutions to enterprises and governments 🔺#AWS fully supports Avalanche’s infrastructure and dApp ecosystem, including one-click node deployment, offering the best tooling for these high compliance use cases. pic.twitter.com/syInSrU9XD
— Avalanche 🔺 (@avalancheavax) January 11, 2023
To facilitate the partnership, AWS will provide one-click code deployment via the AWS marketplace. Use cases requiring adherence to FedRAMP standards can be carried out on AWS GovCloud by running Avalanche node operators.
In addition, Ava Labs will provide “Subnet deployment” as a service in the AWS Marketplace. This implies that any business or organization can hire Ava Labs to create a unique AWS Subnet.
AVAX surges in a daily timeframe, but…
AVAX responded favorably to the AWS alliance, as evidenced by the asset’s daily timeframe chart. At the close of trade on 11 January, AVAX had increased in value by over 24%. The asset was trading at about $15 at the time of writing, despite losing about 3%. Its price before the almost 25% increase was roughly $12.
Source: TradingView
The latest price movements successfully overcame the resistance level created by the short Moving Average (yellow line). However, given where AVAX is, a price decline is likely.
AVAX had entered the overbought zone, as evidenced by the Relative Strength Index (RSI) line. The inference is that a price correction is approaching, which is likely to result, given the RSI’s current position.
Dev activity witnesses an uptrend
The Development Activity indicator also showed an upward trend. According to the dev activity measure, network developers’ activities have scaled up. The dev activity chart at the time of this writing indicated that it had risen to approximately 15.79.
Source: Santiment
