crypto analysis

02/10 12:55

AVAX faces critical support at $25 

AVAX faces critical support at $25 

Will AI adoption boost Avalanche?

At press time, Avalanche [AVAX] was testing a key triangle support at around $25 psychological level on the weekly charts.

With a surge in large transactions and increased trading activity, market participants kept a close eye on potential signs of a price rebound at this key price level.

If AVAX can hold the $25 level, there could be a strong rebound soon, considering the growing buying activity at the dip.

Meanwhile, Avalanche’s ecosystem continues to expand. Notably, the first AI-focused Layer 1 blockchain by Kite AI was launched on the 6th of February, with an aim to revolutionize decentralized AI development.

The influence of the development is evident by the AVAX’s large player activity.

AVAX’s rising interest

AVAX’s large transactions had surged significantly by 90% in the last 24 hours until press time, according to IntoTheBlock data. This increase in large transactions goes in line with the broader bullish outlook of Avalanche.

Historically, such an increase in whale activity would precede big price movements.

Another factor contributing to this trend is the spike in trading volume marked by the increase in active addresses, as market participants positioned themselves actively, awaiting a potential rally.

With these on-chain dynamics in mind, the ability of AVAX to hold onto support at $25 will be a key defining factor. Further buying pressure is likely to drive price recovery toward immediate upside targets of $30 in the short-term.

Kite AI launches within Avalanche’s ecosystem

Kite AI aims to drive innovation in decentralized artificial intelligence by leveraging AVAX’s high-speed, low-cost infrastructure and opening new use cases for both retail and institutional participants.

According to Avalanche’s tweet, this integration is set to revolutionize the way developers and institutions interact with AI-powered blockchain applications.

With technical and fundamental factors aligning, the altcoin finds itself at a critical juncture.

#Grab $100,000 Surprise Gifts#Share Your Thoughts on Popular Assets in March#Hit March's Interaction Leaderboard#Santa Claus Rally#The Federal Reserve announced a rate cut

1Condividi