Avalanche's native token, AVAX, has experienced a remarkable surge of nearly 25% in the past week, with a 1% increase on Tuesday alone. This growth follows the announcement of GameChain, a new Layer 1 network powered by Avalanche blockchain, which targets game developers. The token's price is currently eyeing a 16% gain, aiming to reach the $47 level, previously seen on April 11. This development positions Avalanche as a strong competitor to Ethereum, with the potential for continued growth.Avalanche's recent gains are notable, with the token trading at $40.49 on Binance, marking a 38% increase from its April 13 low of $29.24. Since May 15, AVAX has consistently formed higher highs and higher lows, indicating a potential trend reversal. If the token closes above the April 12 high of $46.89, it could confirm this reversal, targeting $47.32, the 50% Fibonacci retracement of its decline from March 18. Historically, the $47 level has served as steady support for Avalanche, and a close above this level could potentially erase the losses faced by AVAX holders in May 2024.

The Relative Strength Index (RSI), a key momentum indicator, has climbed to 61, nearing the oversold zone at 70. This surge in RSI aligns with Avalanche's price increase, with no divergence observed on the 1-day AVAX/USDT price chart. The Moving Average Convergence Divergence (MACD) indicator also shows positive momentum underlying the uptrend in AVAX between May 15 and 21.Avalanche's recent launch of GameChain, a new Layer 1 chain, provides a secure platform for game developers, further enhancing its appeal. GameChain, powered by AVAX, is expected to attract new game development, contributing to Avalanche's growth. With a focus on simplicity, security, and innovation, GameChain aims to overcome common challenges in blockchain integration for game developers. The platform offers a suite of tools, including GameID, GameSocial, GameHub, and GameScan, designed to enhance the developer and player experience.

In conclusion, Avalanche's AVAX token has demonstrated significant growth, and its potential for continued gains is promising. The launch of GameChain, a secure and innovative platform for game developers, positions Avalanche as a strong competitor in the cryptocurrency market. As the project continues to evolve, it's likely to attract attention from investors and game developers alike, driving positive change and empowering creators in the Web3 gaming space.