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The $AVAX price continued its steep downward trend this week, breaking a crucial support level despite notable positive developments, including soaring ETF inflows and strong network growth.
- $AVAX price could crash to a record low after losing a key support.
- The recently launched $AVAX ETF added over $1.24 million in assets.
- Avalanche’s active users and transactions have soared recently.
Avalanche ($AVAX) token dropped to a low of $10, its lowest level since November 2023. It has crashed by over 80% from its highest level in December 2024.
The ongoing $AVAX price crash occurred despite ETF inflows and network growth. Data compiled by SoSoValue shows that the recently launched VanEck Avalanche ETF added over $1.24 million in inflow, bringing the net assets to $3.73 million.
Additional data show that Avalanche’s network is performing well. Its active addresses jumped by 273% in the last 30 days to 1.57 million. Also, the number of active addresses jumped by 3.2% in the last 30 days to nearly 70 million.
This growth has come as the network has become one of the largest players in the real-world asset tokenization industry. Data compiled by RWA show that RWA assets jumped to over $641 million.
This growth occurred as some notable companies, such as Franklin Templeton, Apollo Global, BlackRock, and Janus Henderson, have embraced tokenized funds on Avalanche.
Avalanche is also a major player in the stablecoin industry. Its stablecoin supply jumped to over $2.20 billion, with the number of holders rising to over 3.5 million.
$AVAX price technical analysis
The weekly timeframe chart shows that the $AVAX price has been in a strong bearish trend in the past few years. It has dropped from a high of $65 in December 2024 to its current price of $10.
The coin has moved below the important support level at $15.11, its lowest level in March and June last year. That price was the lower side of the descending triangle pattern.
Avalanche price has dropped below the 50-week and 100-week Exponential Moving Averages. It has also moved below the Supertrend indicator.
Therefore, the most likely scenario is that the coin continues to rise as sellers target the all-time low of $8.40.
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