Avalanche (AVAX) is facing persistent selling pressure, with its price currently trading around $9.50, down 1.28% over the last 24 hours. The asset has broken below a key rising trendline, confirming short-term structural weakness and shifting into a lower-high formation. Analysts are closely watching the $9.30–$9.50 support zone, where buyers are attempting to hold the price.
Technical analyst Jesse Peralta notes that a bullish breakout above the descending resistance could push AVAX towards the $10.00–$10.20 region. However, failure to reclaim this structure would likely maintain downside pressure. A broader Elliott Wave analysis by Ace indicates that AVAX has completed a macro 5-wave impulsive move that topped near $36.87. As long as the price remains below the $11.38 resistance, the structure suggests continuation towards lower targets of $7.13 and potentially $5.61.
From a macro perspective, a chart shared by Celal Kucuker shows AVAX trading within a broad descending channel. Price is currently near the lower region of this structure, with potential for a sweep towards the $6.82–$5.76 zone before any meaningful recovery. If a base forms successfully, the structure suggests a gradual recovery path towards $14.98, followed by potential attempts at $36.60 and $49.89–$50.84 over the longer term.
Beyond technicals, institutional developments are adding to the narrative. Grayscale recently introduced an Avalanche Staking ETF (ticker: GAVA), highlighting growing institutional interest. Additionally, an unusual transaction reported by Coinvo showed an anonymous wallet mistakenly converting over $50.4 million USDT into just $36,297 worth of AVAX on Ethereum, drawing attention to liquidity conditions and execution risks.
The overall outlook remains mixed, with short-term weakness coexisting with longer-term recovery potential. The $9.30 support and $10.20–$11.38 resistance range will be critical in determining AVAX's next directional move.
