![Avalanche [AVAX] drops 23%, finds support at $40: What’s next?](https://i.headtopics.com/images/2024/12/10/cryptoamb/avalanche-avax-drops-23-finds-support-at-40-what-s-avalanche-avax-drops-23-finds-support-at-40-what-s-067AB842D86263CCD29F597FFF2D873D.webp)
Will Avalanche rebound from recent drops? Key support at $40 and strong volume signal a possible price surge.
A 602.61% spike in transaction volume signaled rising institutional interest.has shown considerable volatility in recent weeks, providing traders with notable opportunities.
The price drop and subsequent pullback suggested a consolidation phase, which might be setting the stage for further upward movement. Despite this, the token was consolidating near $45.26, with support seen at the $40-$42 range. The price target of $70, reflecting a 66.61% increase, could remain an upside if momentum builds.The Money Flow Index reading of 70.74 indicated that AVAX was approaching overbought territory. However, the asset still has room for further upside.
Avalanche has witnessed notable increases in market activity, particularly in terms of transaction volume. In the last 24 hours, 32.51 million AVAX tokens were transacted, marking a 7-day high.
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