- Avalanche (AVAX) reached $47.63, a price level last seen in April, marking a 22% rally in 24 hours.
- Open interest in AVAX has surged to $554 million, matching levels seen in March when the token was trading above $60.
Today, Avalanche (AVAX) has captured attention with a remarkable performance, hitting a seven-month high as Bitcoin reclaims the $98K zone. Over the past 24 hours, AVAX has surged by over 22%, climbing from $38.78 to an intraday peak of $47.63—a level not seen since April. At the time of writing, AVAX is trading at $46.66 with a market cap of $19.09 billion. Additionally, the daily trading volume of AVAX soared approximately 18.86% to $1.88 billion.
This impressive rally has secured Avalanche a spot among the top three gainers, with its weekly gains exceeding 32%. The token’s open interest has also risen to $554 million, a level similar to March when AVAX was trading above $60, a yearly high.
The altcoin market has benefited from a November bull run, sparked by Donald Trump’s election win on November 6. Since then, Avalanche has surged over 111% from a low of $22.38 on November 5 to its current price, showcasing unexpected strength. Also, the technical indicators suggest strong bullish momentum for AVAX. Will the altcoin climb back to its yearly high?
24-H Avalanche (AVAX) Price Analysis
The recent rise in Avalanche’s price follows its breakout above the resistance of an ascending channel pattern on November 22. This typically indicates that the price has surpassed the channel’s upper boundary, signaling strong bullish momentum.
Analyzing the daily AVAX/USDT trading pair reveals that an RSI above 70 suggests the asset is in the overbought zone. This indicates that the price has risen significantly with strong bullish momentum, keeping the RSI elevated for an extended period, especially during a breakout.
Zooming in, a CMF (Chaikin Money Flow) reading of 0.23 indicates strong buying pressure, with money flowing into the asset. This hints that bulls actively supporting the price despite its overbought status, suggesting positive sentiment and the potential for more gains.
If AVAX maintains its momentum, it could retest the breakout level and push toward $50, potentially extending to $55, a key resistance zone during March’s bull trend. However, a failure to sustain above the resistance line could lead to a pullback towards the 20-day EMA at $39.56, presenting another opportunity for buyers.
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