Avalanche (AVAX) is drawing market attention as it hovers near a key resistance level around $30, a level that has again and again denied progression since 2022. With strong volume and momentum backing its latest attempt, the coming days could decide whether AVAX secures a breakout or stays range-bound.
The current value of Avalanche is $30.48, a 1.42% fall in the previous 24 hours. The market value of the token is $12.87 billion, supported by a daily volume of $2.04 billion, providing AVAX 0.32% market dominance.
The latest post from crypto analyst BATMAN highlighted that AVAX is currently testing a significant weekly resistance area in the region of $30. The level has frequently served as a ceiling throughout mid-2022, causing the asset to fail to hold higher advancements.
The key distinction in this test is that the stronger buying pressure and clear momentum are fueling the price against this resistance level. Should AVAX close firmly above this area, it would have a basis for a move towards higher levels during the next few weeks.
However, if the token fails to move beyond and is once again spurned, then it may remain range-bound in familiar levels, delaying a potential rally. The coming sessions will be very important in determining if Avalanche is able to derive strength beyond $30 or is disappointed once again.
For now, all eyes remain on the $30 resistance level, as its outcome could shape Avalanche’s path for the remainder of September.
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The Avalanche derivatives segment is recording a mixed trend. Investors are closing positions or losing less confidence in holding them for a longer time span, considering a 4.31% decrease in open interest, which is reduced to $1.45 billion. Trading continues to remain strong, as a 6.22% increase in volume took it to $2.36 billion, indicating active short-term interest in spite of a decrease in open interest.
Analyzing the weighted open interest (OI-Weighted), AVAX is 0.0096%, indicating comparatively well-balanced market positioning. That is, there is active trading, yet the relative weight of open contracts in proportion to market size is still modest. This indicates that current activity is mostly concentrated in shorter-term speculations and not longer-term, heavily committing positions.
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