Avalanche (AVAX) Breaks Above $40 as Bulls Continue Domination

• At the time of writing, AVAX is trading at $40.81, up 13.54% in the last 24 hours.
• If the price goes below $38.5 level then it will likely test $34.4 support level.

Avalanche (AVAX) has surged by 13% in the last 24 hours to join the top 10 cryptocurrencies list by market value, defying the severe market reversal. The value of AVAX has doubled since the beginning of 2023, and it has gained 84.28% in the last week, as it regained the $40 level for the first time since May of last year.

In terms of market capitalization, Avalanche (AVAX) is now in the top ten, surpassing Dogecoin (DOGE). Moreover, Avalanche is now following a route that may replicate Solana’s recent meteoric rise.

According to the data supplied by DefiLlama, Avalanche has also seen substantial growth in the DeFi industry. It draws attention to important updates at Trader Joe, the top DEX based on the Avalanche network. The platform’s income reached a notable milestone of $145,000 on December 11th, and its fee revenues climbed to $1.23 million, achieving the second-highest level of the year.

Investors Optimistic

According to the statistics provided by the on-chain analytics platform IntoTheBlock, there has been a notable surge in the frequency of huge AVAX transactions. Last week, there were over 1000 transactions that were above $100,000, pointing towards increased optimism among large traders.

At the time of writing, AVAX is trading at $40.81, up 13.54% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 20.74%. The price recently broke above the key resistance level of $38.5.

If the bullish momentum continues and price manages to go above $55.8 then it will likely test $76.7 resistance level. Conversely, if the price goes below $38.5 level then it will likely test $34.4 support level.