![Why Avalanche [AVAX] is set for 35% rally, key factors reveal](https://btcacademy.online/crypto/wp-content/uploads/2024/11/Avalanche-AVAX-poised-for-35-rally-key-factors-indicate.webp.webp)
Within the current optimistic market atmosphere, Avalanche [AVAX] has already recorded a remarkable 40% increase, and indications point to the potential for even more substantial upward movement.
Similar to leading digital assets, the daily chart of AVAX displays positive price trends, signaling an excellent opportunity for investment.
Analysis of Avalanche’s Performance and Critical Levels
As per CryptoCrypto’s technical evaluation, AVAX has successfully surpassed a significant resistance point at $30 and is now setting its sights on the next hurdle.
Following the recent price surge, the asset has not only overcome the resistance of the 200 Exponential Moving Average (EMA) on the daily timeframe but has also transitioned from a downward trend to an upward trend in sentiment.
By examining previous price patterns, a convincing breach of the $32 threshold could potentially propel AVAX by 35%, reaching a target of $42.5 in the days ahead.
Under the current market conditions, achieving this milestone seems likely without encountering major obstacles.
AVAX Demonstrates Bullish Performance On-Chain
Coinglass, an analytics company, reports that the Long/Short ratio for AVAX stood at 1.40 at the time of reporting, underscoring the prevailing bullish sentiment among traders.
Furthermore, Open Interest in AVAX surged by 13.6% over the past day, revealing active engagement from traders in response to recent developments.
Presently, the distribution shows that 58.3% of prominent AVAX/USDT traders are in long positions, while 41.7% are in short positions.
These statistics suggest a dominance of bullish fervor among traders and larger investors, possibly leading to a significant upward surge in the near future.
At the latest update, AVAX was priced around $32.05, showcasing a remarkable 24-hour gain of over 9.6%.
During this period, the trading volume witnessed a 26% increase, indicating robust interest from traders and investors, fueled by positive market sentiment.