Avalanche (AVAX) recently saw a breakout from a long-term downtrend, signaling potential for a rally beyond the $45 resistance zone. The altcoin is currently trading at $38.81 with a 24-hour trading volume of $1.78 billion and a market capitalization of $15.87 billion. While there was a 14.27% drop in price in the last 24 hours, the weekly charts show an 11.27% increase, indicating sustained bullish interest.
The price of AVAX is currently retesting the $38.57 support zone, a critical level that could determine its next move. A successful retest could lead to another rally as the altcoin approaches higher resistance zones.
Key levels to watch for support and resistance include the $38.57 support level, which is now being retested as support after serving as a major resistance level in the past. A breakout above the $45.42–$47.81 resistance zone could pave the way for a move towards $65.00. However, a failure to hold support at $38.57 could push AVAX down to the $32.66 level.
On-chain activity for Avalanche shows growing adoption, with active addresses increasing by 28.56% over the last seven days. Additionally, 11.98k new addresses were created during the same period, indicating expanding participation in the ecosystem.
Avalanche’s decentralized finance (DeFi) ecosystem is also showing sustained activity, with a total value locked (TVL) of $1.362 billion. The stablecoin market capitalization stands at $1.961 billion, and daily fees and revenue are reported at $92,555. The network processed $499.98 million in trading volume over the last 24 hours, with inflows of $7.81 million, indicating steady on-chain usage.
These metrics, combined with the growing active addresses, suggest that Avalanche’s ecosystem remains robust despite short-term price fluctuations. With multiple bullish indicators in play, traders are likely to monitor key levels and on-chain activity closely as AVAX navigates its next phase.