AVAX Price Breeches Key Levels as Avalanche DeFi Ecosystem Booms

Avalanche's AVAX token is showing signs of a potentially bullish setup, according to analyst CryptoJack. The current structure suggests momentum could strengthen if buyers continue defending key levels and resistance begins to weaken.

At the time of writing, AVAX is trading at $7.40 with a 24-hour trading volume of $170.36 million and a market capitalization of $3.2 billion. Following the 1.75% gain over the last 24 hours, the AVAX price structure and TVL growth point to a bullish reversal ahead.

Avalanche's DeFi ecosystem is gaining traction, with total value locked (TVL) reaching $488.5 million. This expansion will bolster Avalanche's overall ecosystem view as liquidity drives transaction volume, loans, and dApps.