AVAX Price Targets 33% Surge: Will It Hit $41?

Avalanche (AVAX) Price Analysis: Eyeing a Breakout

As of the latest data, Avalanche (AVAX) is trading at $26.73, showing a slight increase of 0.36% over the last 24 hours, though it’s down 1.99% for the week. This movement follows an upward trendline, signaling a potential breakout for AVAX.

Support and Resistance Levels

Currently, AVAX is finding stable support between $26 and $27, anchored by the rising trendline. If this trendline remains intact, it could facilitate a move toward higher price levels.

The key resistance lies at $30.78, a crucial level for AVAX’s price action. Breaking this resistance, especially with rising trading volume, may pave the way for a surge toward the $41.28 target.

• Support: $26–$27 region
• Resistance: $30.78 level
• Target: $41.28, indicating a potential 33.95% gain from the resistance level

A successful break above $30.78 could attract more buyers, potentially fueling further gains. However, if the trendline support falters, this bullish outlook may weaken.

AVAX Market Activity and Holder Profile

Avalanche’s market value currently stands at $10.88 billion, with about 410 million shares in circulation. Data from Coinglass shows a 7.42% increase in trading volume to $414.46 million. However, open interest remains steady at $264.58 million, suggesting that traders are maintaining their positions.

Open interest in AVAX futures has mirrored price movements over the past year. Between November 2023 and March 2024, open interest surged, signaling active participation from traders. The quieter summer months saw reduced activity, but open interest has picked up again since August 2024, hinting at a renewed bullish sentiment.

Long-Term Holders and Transaction Data

According to IntoTheBlock data, 54% of AVAX holders have held the token for over a year, reflecting strong commitment from long-term investors.

• 54% of holders for over a year
• 43% of holders for one to twelve months
• 3% of holders for less than a month

This distribution shows a robust base of long-term investors betting on AVAX’s potential. Additionally, recent large transactions totaling $676.98 million indicate active trading by high-net-worth individuals and institutional investors.

With 71% of AVAX supply held by major investors, significant price movements could be influenced by “whales” in the market.

Outlook: Targeting $30.78 Resistance

The main upside target for AVAX is the $30.78 resistance level. With growing open interest and trading volume, AVAX appears positioned for a potential rally to $32 or higher. Should AVAX successfully break this resistance, the market could see a further rally, benefiting long-term investors and short-term traders alike.