AVAX Breaks Out with 8% Surge Amid Crypto Market Slumber

Avalanche's AVAX token surged 8.05% in the past 24 hours, reaching $6.74 and outperforming leading digital assets like Bitcoin, according to CoinMarketCap data.

This price move comes as the cryptocurrency market remains mostly subdued, with Bitcoin rising just 1.02% over the same period.

Traders pointed to a technical breakout, together with a sharp uptick in trading activity, as central to AVAX's breakout performance.

Avalanche managed to break above a descending channel on the 4-hour chart, ending a multi-week period of price consolidation. Trading volume climbed 59% to $377 million over 24 hours, indicating increased buying interest.