Amid the ongoing crypto rebound fueled by the October rising narrative, Avalanche (AVAX) price has been gaining bullish momentum in the recent past. The large-cap altcoin, with a fully diluted valuation of about $13.1 billion and a daily average traded volume of around $415 million, is currently retesting a crucial support/resistance level of around $30.Â
In the second week of October, AVAX price rallied over 7 percent to trade at about $29.5 on Monday during the early European session.Â
Midterm Targets for Avalanche Price
From a technical standpoint, AVAX price has successfully retested a macro breakout and respected a rising logarithmic trend. In the daily time frame, AVAX price successfully rebounded from the 50 Moving Average (MA).
As a result, AVAX price has potentially formed a macro inverted head and shoulders (H&S) pattern, coupled with a weekly rising divergence of the Relative Strength Index (RSI).
Key Events to Consider Ahead
In a bid to support the AVAX community, the Avalanche Foundation recently confirmed that it will repurchase all the AVAX tokens previously sold to the Luna Foundation Guard (LFG). Notably, the LFG is in the final stages of the bankruptcy liquidation process.
The repurchase of the 1.97 million AVAX tokens, worth nearly $60 million, will significantly reduce the potential selling pressure in the near term.
However, the Avalanche investors are waiting to unlock 700k AVAX, worth over $20 million, on October 21, 2024. The AVAX unlock could potentially weigh down on short-term bullish sentiment.
Network Growth
Founded in 2018, the Avalanche network has grown into a vibrant web3 ecosystem backed by reputable institutional investors. As of this report, the Avalanche network has around 1,724 validators who have already staked 247.6 million AVAX, which represents 56.16 percent of the total supply.
According to the latest market data of this report, the Avalanche network has over $1 billion in total value locked (TVL) and over $2.39 billion in stablecoin market cap. Some of the top DeFi protocols leveraging the Avalanche network include AAVE, LFJ, GMX, and Benqi, among others.
