Home Altcoins News Avalanche (AVAX) Surges to 22-Month High: 83% Holders Now in Profit as Price Targets $70

Avalanche (AVAX) Surges to 22-Month High: 83% Holders Now in Profit as Price Targets $70


The surge in AVAX’s price hasn’t just turned heads; it’s also lining pockets, with a staggering 83% of AVAX holders now finding themselves in profit. This remarkable feat has been attributed to a multitude of factors, including a surge in organic demand and a flurry of buy orders flooding the market.

Behind the scenes, on-chain analysis reveals a compelling narrative. Large transactions on the Avalanche network have surged, signaling a growing appetite for the digital asset. Moreover, the majority of these transactions are buy orders, indicating a bullish sentiment among investors.

But it’s not just the on-chain activity that’s fueling AVAX’s meteoric rise. A closer look at the spot market reveals a surge in buying pressure, as evidenced by the increasing Cumulative Volume Delta (CVD). This bullish signal suggests that AVAX prices could continue to climb higher in the coming days.

Meanwhile, in the derivatives market, interest in AVAX has reached fever pitch. Open Interest (OI) has surged to $483.16 million in the 1-hour timeframe, reflecting growing investor confidence in the cryptocurrency. However, it’s important to note that a surge in OI doesn’t necessarily mean that long positions outnumber shorts, as both bullish and bearish sentiments are at play.

As AVAX continues its upward trajectory, investors and traders alike are keeping a close watch on key resistance levels, particularly the $70 mark. If AVAX manages to breach this psychological barrier, analysts believe that the price could surge even higher in the short term, potentially reaching $75.

For holders of AVAX, the current price surge is a cause for celebration, marking a significant milestone in their investment journey. With the majority now in profit, many are wondering what lies ahead for this promising cryptocurrency.

At the time of writing, AVAX was exchanging hands at $64.16, marking its highest point since May 2022. The surge in price has been further corroborated by data from Coinalyze, revealing a steady increase in the Cumulative Volume Delta (CVD), a metric used to gauge buying and selling volumes in the spot market.

The surge in AVAX’s price has also been mirrored in the derivatives market, with Open Interest (OI) reaching $483.16 million in the 1-hour timeframe. While a surge in OI typically suggests increased market activity, analysts caution against assuming a dominance of long positions over shorts without further analysis.

Despite the optimism surrounding AVAX’s recent surge, questions linger about the sustainability of its upward trajectory. Market dynamics are inherently volatile, and the cryptocurrency landscape is no exception. Traders and investors are advised to exercise caution and conduct thorough research before making any investment decisions.

As AVAX continues to capture headlines with its remarkable performance, it serves as a testament to the resilience and potential of the cryptocurrency market. Whether it can sustain its momentum and break through the psychological resistance at $70 remains to be seen, but one thing is certain – the world of digital assets never ceases to surprise.

In conclusion, Avalanche (AVAX) has captured the attention of the cryptocurrency world with its remarkable price surge. With 83% of holders now in profit and bullish momentum building in both the spot and derivatives markets, AVAX appears poised for further gains in the days to come. As investors brace for what could be a historic moment, all eyes are on AVAX as it aims for new heights in the ever-evolving crypto landscape.

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Sakamoto Nashi

Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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