As the total crypto market dropped over 3 percent in the past 24 hours, following the Bitcoin (BTC) price drop below $106k on Thursday, Avalanche (AVAX) price followed in tandem. According to market data from Coingecko, AVAX, which had a fully diluted valuation of about $10.2 billion and a 24 hour average trading volume of around $610 million, dropped nearly 4 percent in the past 24 hours to trade around $22.44 at the time of this writing.
What Happened to Avalanche Fundamentals
The Avalanche network has grown to a vibrant web3 ecosystem with more than $1.5 billion in total value locked (TVL) and nearly $2 billion in stablecoins market cap. The mainstream adoption of the Avalanche network by institutional investors has been bolstered by the notable development of its ecosystem’s tokenization technology.
As a result, the Avalanche network has achieved more than 46k active daily on-chain users. Meanwhile, several fund managers – led by VamEck, and Grayscale Investments – are seeking to offer spot AVAX ETFs in the United States in the near future.
AVAX Price Expectations
In the weekly timeframe, AVAX price has been recovering from the 2022 crypto bear market. The utility-focuses altcoin has been forming a macro bullish continuation since March 2024, which is characterized by a falling symmetrical channel in the weekly timeframe.
In the four hour timeframe, AVAX price has been forming a symmetric triangular pattern in the past four weeks. AVAX price has respected a rising logarithmic trend established since April 9, thus signaling a bullish continuation pattern.
According to on-chain data, AVAX price has established a robust support level above $22.8, especially after 362k wallets accumulated more than 21.65 million AVAX coins. Consequently, a consistent close beyond the liquidity level above $25 will trigger a fresh rejuvenated rally toward the target range between $35 and $55.
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