AMBCrypto reported that AVAX continued to decline by 14% over the past 24 hours, with selling pressure overwhelming the entire crypto market. Despite active on-chain whale activity, the price failed to find support.
Key support breached
AVAX has broken below the monthly support level at $8.05, which has been valid since February. The current price has also fallen below the key index moving averages, indicating a clear short-term weakening trend.
Short sellers are in control
Data shows that over 70% of open positions are short. The market is betting on a continuation of the downward trend, with buying pressure failing to recover. AVAX’s open interest has also declined to approximately $159 million, indicating a simultaneous cooling in market participation.
Insufficient whale buying
The article notes that while whales remain active on-chain, there has been no clear sign of significant accumulation. Large holders have not quickly absorbed the recent pullback, causing market sentiment to remain weak. If buying pressure does not return sufficiently, AVAX may continue to trend downward.