Avalanche (AVAX) has been experiencing a surge in transactional activity, with a remarkable 275% spike in daily transactions since early May, now averaging 759,000 transactions per day. This increase is attributed to intensified participation driven by subnet deployments, DeFi traction, and gaming integrations, signaling a shift towards network utility rather than speculation.
Currently, AVAX is trading near a confluence of Fib resistance levels between $22.5 and $23.6, within an ascending channel structure. While the Stochastic RSI indicates an overbought signal, a decisive close above $24.1 could potentially validate an upside continuation.
Traders are showing aggressive buying behavior, as reflected in the spike in Taker Buy Dominance on the spot market. This bullish momentum is further supported by a +45.60% gain in Large Holder Netflow over 90 days, indicating long-term accumulation. However, recent outflows or profit-taking have led to a decline in the 30-day trend, creating uncertainty among whales as AVAX approaches resistance.
Speculative interest in AVAX is on the rise, with Open Interest increasing by 11.37% to $558 million. Despite this, the absence of extreme leverage suggests that traders remain cautious, indicating skepticism about sustained upside. The key resistance barrier lies between $23.3 and $24.5, where a breakout could trigger short liquidations, amplifying volatility and fueling upward momentum.
The network fundamentals of Avalanche have been strengthening, with explosive growth in active users, transactions, and spot demand. However, the price action has yet to fully reflect this momentum, as AVAX faces strong resistance. Whether whales support the rally or take profits will be crucial in determining the direction of the breakout. If bulls manage to flip the resistance zone into support, a breakout could follow. However, if rejected, AVAX may retrace to lower support zones despite the on-chain revival gaining momentum.
In conclusion, AVAX’s growing bullish intent is evident through rising network activity and speculative interest. However, caution is advised as the cryptocurrency faces a critical resistance barrier that will determine its future price movement. Investors should closely monitor the behavior of whales and market sentiment to gauge the potential for a breakout or retracement in the coming days. The world of technology is constantly evolving, with new advancements being made every day. One of the most exciting developments in recent years is the rise of artificial intelligence (AI). AI has the potential to revolutionize numerous industries, from healthcare to finance to transportation.
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