Avalanche Activity Surges While Price Stalls: Can a Rebound Follow?

Avalanche (AVAX) slipped below the $15 mark, losing about 3% in the past 24 hours. This aligns with the decline seen in the entire crypto market. The markets were down at a time when most websites were down, including X, thus affecting the global financial sector.

Avalanche crypto was lagging behind its fundamentals, which were all doing good. For instance, the transaction count, weekly DEX volume, and top traders’ activity were up.

However, the price was trading at a support level. Avalanche’s price could be poised for a rebound. Still, bears may remain in control of the trend.

Avalanche C-Chain Weekly Transactions

Avalanche C-Chain was at the forefront of these outstanding fundamentals. As per data from Routescan, the chain recorded over 14.5 million transactions for all the weeks in November.

Additionally, the chain hit its 13th week of more than 10 million transactions. This was a reflection of mass usage of the blockchain in handling transactions.

Most of the transactions were probably from institutions, considering the massive tokenization that has met the chain over the recent past.

Since June, these transactions have stayed around 10 million, though there was a slight dip in August. This probably explained why August was bullish for most altcoins.

Thus, there was no need to move the capital. Most of the tokens stayed dormant during this altcoin season period. This ended in September and, for some coins, in October.

AVAX Weekly DEX Volume

Additionally, the weekly DEX volume of Avalanche moved up by three times as of November 15th. The volume surged from $100 million at the start of the week to about $300 million when writing.

Each day that passed, the volume of Avalanche increased. However, the biggest addition to the daily volume came in between the 16th and 17th of this month. The last 24 hours only saw a rise of about $20 million, indicating diminishing power.

The DEX volume was again bullish in nature for Avalanche. However, the price action of the altcoin stayed low. The AVAX chain plays a growing role in global financial operations. Recent regulatory expansions for Asian users highlight their rising importance.

Can Top Traders Initiate AVAX Price Rebound?

On the charts, the Avalanche price was trading at the lower support level of the descending trend channel. Bulls were starting to actively purchase the tokens, as seen on the CoinGlass analytics tool.

Avalanche traded above the $12 zone. The channel midpoint stood at $21, with resistance at $38. These zones defined the key levels to watch for AVAX. However, breaking below $12 would mean the price dipping below $10.

Avalanche price structure was bearish; thus, the deduction that the price was stalling. This was amidst emerging Avalanche buying activity by Binance’s top traders, as seen in the long/short ratio.

Top traders’ accounts were leaning bullish while their positions were net buys. The activity of these types of traders usually influences market-wide sentiment and could ignite a rebound.

However, the volume needs to be enough to counter the sell pressure that has controlled the markets for the past month.

Altogether, the fundamentals of Avalanche were very strong, but its price was very weak. Placing buy trades is risky right now. The price has not reacted positively at the $12 support level.

Hints of a bull comeback at this zone would mean the price rebounding to at least the midsection of the trend channel.