Avalanche Breakout Ignites 8% Price Surge

Avalanche (AVAX) has experienced a significant price surge, climbing 8.05% to $6.74 in the last 24 hours according to data from CoinMarketCap.

This move surpasses Bitcoin's modest 1.02% gain over the same stretch, signaling a technical breakout as the main driver behind AVAX's rally.

Traders point to a short squeeze and fresh capital flowing into altcoins as fueling the momentum.

A key resistance zone was broken when AVAX jumped above a descending channel on the 4-hour chart, with trading volume spiking 59% to $377 million in 24 hours, indicating real buying interest.

The 14-day RSI rose to 69, typically pointing to strong bullish momentum, and the MACD also flipped bullish, confirming the shift in short-term trend.