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- Avalanche (AVAX) is increasingly approaching a bullish reversal as investors make strategic moves ahead of a price rally.
- Investors have staked AVAX worth $260.85 million amid a market dip that saw the token find support at the $37 price zone.
Avalanche (AVAX) investors are preparing for a bullish couple of months driven by positive developments around the project. After a price reversal in the last few days, AVAX has taken a dip, falling by nearly 10%. Fortunately for investors, the token has found support at the $37 price zone.
At the time of press, AVAX is trading at $37.30 after a 2% gain in the last 24 hours. With a market cap of $13.7 billion, the token has successfully dethroned Dogecoin (DOGE) from the top ten coins in the market. This is a doted-on position as it attracts new investors looking to accumulate or get into the crypto market. It is also expected that these coins will enjoy institutional interest and investment once crypto ETFs are approved.
Avalanche (AVAX) Staking Rallies
Despite the bearish trend, Avalanche’s staking data tracked by StakingRewards.com shows a surge with 7.05 million AVAX coins within the last 3 trading days. The total number of staked AVAX has now reached 265.57 million AVAX. Historically, an uptick in staking has coincided with a price rally. Ideally, staking reduces the number of coins readily available, influencing demand and pricing. Based on this, it is clear investors are less concerned about a panic sell following the price dip.
Increased staking is further proof of the confidence investors have in the efficiency and security of the network. As these figures continue to grow, investors expect to see the price continue to rally.
The Avalanche blockchain enables the deployment of decentralized applications such as decentralized finance, gaming, and NFTs via smart contracts, making it an ideal destination for builders.
Bulls Set Target on $50
AVAX bulls are fairly confident of a bullish year based on the network’s developments and the wider bullish wave set by Bitcoin and the possibility of crypto ETF approvals.
On-chain data shows 96,140 addresses had acquired 10.53 million AVAX at the average price of $39.61. With the digital asset showing great support, investors expect a rebound. But the $40 resistance could be hard to break as some investors look to take profit. On the other hand, 515,630 holders bought 10.53 million AVAX at the maximum price of $34.43, these could hold out. With targets of $40 and $45 in sight, the long-term target is now at $50.
AVAX currently enjoys an all-time high of $144 reached about 2 years ago. At current prices, the token has lost around 144% but investors hope to reach and surpass the current ATH by the end of the year.
