Avalanche (AVAX) is trading at $26.73 at the time of writing, marking a 0.36% gain in the past day but a 1.99% drop over the past week. Price movement is following an upward trendline, signaling a possible breakout.
This ascending trendline has provided reliable support in the $26–$27 region, which could lead to higher levels if the trendline holds firm.
The current resistance level sits at $30.78, a crucial point for AVAX’s price movement. A breakout above this level, especially with increased trading volume, could trigger a move toward the target of $41.28.
Based on the current price pattern, this target represents a potential 33.95% increase from the resistance level.
The main resistance remains at $30.78, while support holds at the $26–$27 range. If AVAX successfully breaks through $30.78, we could expect more buyers to enter, potentially driving prices higher. However, the bullish scenario could weaken if the upward trendline fails.
AVAX Market Activity and Holder Profile
Avalanche holds a market cap of $10.88 billion, with approximately 410 million shares traded. According to Coinglass data, trading volume has risen 7.42% to $414.46 million. Meanwhile, open interest remains unchanged at $264.58 million, indicating continued trader engagement.
Open interest in AVAX futures has tracked price patterns over the past 12 months. Between November 2023 and March 2024, open interest surged, reflecting active trader participation during that rally. Lower trading activity likely contributed to the summer months’ decline.
However, open interest has rebounded since late August 2024, suggesting increased bullish sentiment.
Long-Term Holders and Trading Data
According to IntoTheBlock, 54% of AVAX holders have held for over a year, highlighting long-term investor commitment to the token.
Another 43% have held for one to twelve months, and 3% for less than a month. This composition indicates a strong base of long-term investors.
Large transactions over $100,000 totaled $676.98 million in the past week, reflecting the activity of high-net-worth traders and institutional participants. Notably, 71% of AVAX is held by large investors, meaning a single whale could significantly impact price direction.
The primary target remains the resistance level of $30.78, which, if breached, could bring the market into profit territory. AVAX’s open interest and volume have surged alongside an increase in AVAX traded on the market. This may indicate that AVAX is gearing up for a rally to $32.
