Avalanche (AVAX) has exhibited an impressive surge, capturing the attention of cryptocurrency enthusiasts and traders alike in a striking turn of events. Recent data from IntoTheBlock reveals that nearly 80% of AVAX holders are currently in profit, a notable statistic reminiscent of the bullish trend observed during the 2021 market upswing.
Currently, the price of Avalanche (AVAX) stands at $44.91, representing a marginal 7.75% decline in the last 24 hours. However, the overall trend remains positive, with a noteworthy 6.69% increase over the past 7 days. With a circulating supply of 365 million AVAX, the market cap of Avalanche is an impressive $16 billion.
Over the past seven days, AVAX has undergone a commendable double-digit gain, propelling its token price from below $40 to nearly $50. This remarkable upswing, amounting to a 10.40% increase in the last week alone, has contributed to investors’ renewed interest in AVAX.
Analyzing the 24-hour Long/Short ratio, the market leans slightly toward short positions with a ratio of 0.9693. However, a nuanced perspective emerges when examining specific exchanges. Binance reflects a stronger preference for long positions, boasting a ratio of 2.3979 among accounts.
Similarly, OKX signals a preference for long positions at 1.65 among accounts. Notably, influential traders on Binance overwhelmingly favor long positions, evident in both account (1.7809) and position (1.4087) ratios, indicating a prevailing bullish sentiment among top-tier traders.
The Total Value Locked (TVL) for AVAX has surpassed the $1 billion mark, showcasing robust growth. Notably, the TVL has surged by over 60% in the last 30 days, underscoring the increasing confidence and commitment of participants in the Avalanche ecosystem. According to data from IntoTheBlock, nearly 80% of AVAX holders are currently enjoying profits at the current price level.
A technical analysis reveals a relatively neutral market sentiment, with the Avalanche RSI reading at 55.03. The 4-hour MACD supports this sentiment, indicating a bullish momentum that is not yet strong enough to suggest an overbought condition. Further reinforcing this positive outlook is the 4-hour KST signifying robust upward price movement and a likely continuation of the bullish trend in the near term.
The recent performance of AVAX, marked by significant price gains, heightened derivatives activity, and a surge in Total Value Locked, paints a picture of a cryptocurrency gaining momentum and garnering widespread interest in the market. Investors and traders will undoubtedly keep a close eye on Avalanche as it continues to make waves in the crypto space.
