Avax Rises 24% in 48 Hours – But This Can Stop the Bull Run
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- AVAX recently tested an important support level, with on-chain metrics displaying encouraging signs.
- Liquidity levels for altcoins point to a potential short-term correction; nonetheless, the overall market sentiment remains optimistic.
Avalanche [AVAX] witnessed a 24% price jump over the last 48 hours, rebounding from the $22 mark.
The altcoin is currently testing a significant symmetrical triangle support level around $28.
If this technical formation holds without breaking, it may transition from support to resistance, potentially hindering AVAX’s upward momentum.
Source: TradingView.
Positive sentiment surrounding AVAX
detailed analysis by AskFX revealed several promising indicators. At present, whale activity has surged by 49%, coupled with a trading volume increase of 14%.
This suggests that both large-scale investors and active traders are showing interest in AVAX, indicating positive sentiment.
Could a short-term correction be on the horizon?
The liquidation heatmap data complicates matters further. According to an analysis by AskFX using Coinglass data, liquidations totaled around 563,000 AVAX valued at $26.73—indicating possible short-term corrections ahead.
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Depending on market reactions and whale activities as well as trading behaviors at these levels could create either support or resistance dynamics.
The rising number of substantial transactions within Avalanche hints strongly that whales might be entering the scenario.
This implies that before any noticeable rally occurs following subsequent leveraging liquidations—AVAX could endure some temporary downside adjustments.
If this support level manages to hold firm—the bullish momentum behind the altcoin might fuel another price rally moving forward yet.
However if resistance surfaces near $28.16—the chances for immediate short-lived corrections become realistic as well!">
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