Avalanche (AVAX) remains in a trading range of $22-$27 with increasing network activity and positive indicators.
Price Holds Below Resistance
Avalanche (AVAX) is trading at $25 with a daily volume of $697 million. The token slipped 2% in the past 24 hours but is little changed over the week. The chart shows repeated failures to break above $27, confirming it as a strong resistance level since March.
Support remains between $23.90 and $22.00, an area that has held during recent pullbacks. A close below this range could open the way toward $20.5 and possibly $16.
Network Activity Rising
Avalanche’s C-Chain ended August with 35.8 million transactions, its second-highest monthly figure on record. The network also handled 10.9 million transactions in one week last month, the busiest since December 2023.
The C-Chain is designed for Ethereum-compatible smart contracts, supporting decentralized finance, NFT platforms, and other applications. The increase in transactions shows stronger use of applications built on the network.
Indicators Point to Strength
The Money Flow Index (MFI) stands at 68, reflecting steady buying inflows. It is approaching the overbought zone, which starts at 80.
Meanwhile, the MACD on the weekly chart is also positive. The MACD line at 0.81 is above the signal line at -0.16, supported by green histogram bars. This shows upward momentum, giving buyers the advantage as long as AVAX holds above its support levels.
Avalanche (AVAX) is in a consolidation phase with strong resistance and increasing network activity, indicating potential for future growth.
