Summary
TLDR: Avalanche (AVAX) network’s Total Value Locked (TVL) is increasing, leading to speculation about reaching $50 price point. Despite a pullback, AVAX remains above key support levels. The Relative Strength Index (RSI) and Global In/Out of the Money (GIOM) metrics suggest stability and potential for price growth. AVAX holders profitable at current levels may prevent panic selling. AVAX could reach $50 soon with a strong TVL and supportive investor base, but market uncertainty could lead to a 15% decrease to $39.
Key Points
1. The Avalanche (AVAX) network has seen a recent increase in Total Value Locked (TVL), sparking speculation among market analysts about the possibility of reclaiming the $50 price point.
2. Despite experiencing a pullback on the daily price chart, AVAX remains above significant support levels, demonstrating resilience in a volatile market. The Relative Strength Index (RSI) for AVAX currently sits at 48, indicating neutral signals.
3. The rising TVL within the Avalanche ecosystem, currently at $1.164 billion, suggests a growing and vibrant ecosystem that could lead to increased demand for AVAX. Additionally, the majority of AVAX holders are ‘In the Money’ at the current price, providing a psychological boost for potential future price growth.