Avalanche (AVAX) was trading $26.73 at the time of writing, up 0.36% in the last day but down 1.99% in the previous week. The price movement is following an upward trendline, which suggests a possible breakout.
Reliable support in the $26–$27 region has been offered by this rising trendline. An advance toward higher levels can be possible if the trendline holds.
The current resistance stands at $30.78, which represents a critical point for AVAX’s price movement. A breakout above this level, especially with increased trading volume, could trigger a move toward the $41.28 target.
– Advertisement –
Based on the current price pattern, the target represents a potential 33.95% gain from the resistance level.
Key resistance remains in the $30.78 area, and support keeps holding around $26-$27. If AVAX manages to break this level at $30.78, we should expect more buyers coming in and the prices might rise further. However, the bullish scenario of the price may diminish, if the upward trendline fails.
AVAX Market Activity and Holders’ Profile
Additionally, Avalanche has $10.88 billion market value, around 410 million shares in trade. According to Coinglass data, the volume has increased by 7.42% to $414.46 million. Meanwhile there has been no change in open interest, which continues at $264.58 million, suggesting that traders aren’t dropping out.
Open interest in AVAX futures has closely followed price patterns over the last 12 months. Between November 2023 and March 2024, open interest increased significantly, suggesting that traders were actively participating in that rise. Less trade activity could have been caused the decline seen in the summer months.
Open interest has however picked again since late August 2024 having in conventional improves a conceivable uptick in bullish sentiment.
Long-Term Holders and Transaction Data
According to data from IntoTheBlock, 54% of holders have held onto AVAX for more than a year, demonstrating long-term investors’ dedication to the token.
Another 43% have had it for one to twelve months, and 3% have held it for less than a month. This composition suggests that there is a sizable base of investors placing long-term bets.
Large transactions over $100,000 totaling $676.98 million during the past week indicate activity by high-net-worth traders and institutional participants. Having 71% of AVAX is owned by big investors also, meaning that a large whale can have a large impact on the direction of the price.
The main upside target though, is the $30.78 resistance, which could now be taken out and send the market into profit. AVAX’s open interest and volume have been skyrocketing with rise in the amount of AVAX being traded on the market. This could suggest that AVAX is primed for a bounce to $32.
