Avalanche (AVAX) Eyes $10 Target as Institutional Holdings Surge

Avalanche (AVAX) has shown signs of improving chart structure and increasing institutional holdings, which could indicate a bullish trend in the short term. The cryptocurrency has been holding above $7, with some analysts suggesting that it may retest its former descending resistance around $6.60-$6.80 before continuing higher.

According to Honeybear, AVAX's monthly Supertrend setup shows potential for a reaction from long-term support, with the lower bullish support sitting near $6.29. However, price remains below larger trend levels around $17.03 and $20.71, indicating that AVAX still has substantial work to do before confirming a complete higher-timeframe reversal.

Cihan Altcoin suggests that AVAX could retest its former descending resistance before attempting another continuation move higher. If the retest holds, AVAX could make another push towards $7.40-$7.50 and eventually retest recent highs around $7.80-$8.00.