Avalanche (AVAX) Primed for a Bounce to $32 as Long-Term Holders Stay Committed

Avalanche (AVAX) was trading $26.73 at the time of writing, up 0.36% in the last day but down 1.99% in the previous week.

Avalanche (CRYPTO: AVAX) traded at $26.73 at the time of writing, showing a 0.36% gain over the last day but a 1.99% decrease over the last week.

The price movement is following an upward trendline, suggesting a possible breakout. This rising trendline has offered reliable support in the $26–$27 region. If the trendline holds, we can expect to see an advance toward higher levels.

The current resistance stands at $30.78, which represents a critical point for AVAX's price movement. A breakout above this level, especially with increased trading volume, could trigger a move toward the $41.28 target.

Based on the current price pattern, the target represents a potential 33.95% gain from the resistance level. Key resistance remains in the $30.78 area, and support keeps holding around $26-$27. If AVAX manages to break this level at $30.78, we should expect to see more buyers coming in and the prices might rise further. However, the bullish scenario of the price may diminish, if the upward trendline fails.

AVAX Market Activity and Holders’ Profile

Moreover, Avalanche has a market value of $10.88 billion, with an average trading volume of around 410 million shares. According to Coinglass data, the volume has increased by 7.42% to $414.46 million.

Meanwhile, there has been no change in open interest, which continues at $264.58 million, suggesting that traders aren't dropping out. Open interest in AVAX futures has closely followed price patterns over the last 12 months.

Between November 2023 and March 2024, open interest increased significantly, suggesting that traders were actively participating in that rise. Less trade activity could have been caused the decline seen in the summer months.

Open interest has however picked again since late August 2024 having in conventional improves a conceivable uptick in bullish sentiment.

Long-Term Holders and Transaction Data

According to data from IntoTheBlock, 54% of holders have held onto AVAX for more than a year, highlighting the dedication of long-term investors to the token.

Another 43% have had it for one to twelve months, and three% have held it for less than a month. This composition suggests that there is a sizable base of investors placing long-term bets.

Large transactions over $100,000 totaled $676.98 million during the past week, indicating activity by high-net-worth traders and institutional participants. Having 71% of AVAX is owned by big investors also, meaning that a large whale can have a large impact on the direction of the price.

The main upside target though, is the $30.78 resistance, which could now be taken out and send the market into profit. AVAX’s open interest and volume have been skyrocketing with rise in the amount of AVAX being traded on the market. This could suggest that AVAX is primed for a bounce to $32.