Avalanche (AVAX) is trading at $21.82 USD, showing a sharp decline of -3.32% over the day. Despite this short-term drop, AVAX has increased by +3.12% over the last week, although it remains down -12.02% for the month, -38.79% since the beginning of the year, and -58.96% over the last six months. From its all-time high of $147.50, AVAX has now fallen approximately -67.95%.
Currently, AVAX is consolidating just above the support zone of $21, which coincides with increased trading volume and previous structure. Traders are anticipating a potential bounce from this area; however, an inability to hold this level could lead to a retest of the support range of $18–$19.
The position of AVAX traders for potential movement as speculative activity increases.
The AVAX token from Avalanche is showing signs of increasing speculative pressure. Data shows that open interest, reflecting the total value of outstanding futures contracts, increased by 11.37% and reached $558 million. Trading volume remains stable at $1.16 billion. This combination indicates a resurgence of trader interest in AVAX's derivatives markets.
If the price quickly rises and breaks through this zone, it may force traders betting on lower prices to buy back AVAX. This buying could fuel any upward movement. Conversely, if the price fails to overcome this barrier, buyers may incur losses, potentially increasing downward pressure on AVAX.
ETHNews analysis of net flows from large holders shows a growth of 45.60% over the last 90 days. This indicates that large investors are accumulating AVAX for the long term. However, looking at the last 30 days, the picture is different: net inflow of funds has decreased by 53.31%.
Bullish growth targets include $25.50 and $29, where historical resistance lies. Oscillators and moving averages on TradingView show a neutral trend, indicating indecision in the current market.
Partnership with FIFA: Avalanche has entered into a partnership with FIFA to launch an EVM-compatible blockchain for NFTs, transferring assets from Algorand and Polygon to Avalanche—significant steps towards broader recognition.
Institutional support: VanEck has launched a special fund for the Avalanche ecosystem, demonstrating growing institutional confidence.
On-chain activity: Avalanche recently surpassed 1 million daily transactions twice in one week, indicating strong network usage despite bearish price movement.
$AVAX , $SUI , $XRP
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