AVAX’s rally odds – Here’s where the altcoin’s metrics really stand!

• AVAX’s price retested a key level at around $31 on the charts
• Metrics pointed to potential bullish momentum if a key support holds on

Avalanche (AVAX) is in the spotlight again today after recent data and technical analysis hinted at a potential bullish trend. AVAX has shown resilience lately by bouncing off its key support level at $31. At the time of writing, the altcoin had climbed to $32.37, up 3.78% in 24 hours. 

Here, it’s worth noting that this price action came after a few days of sideways trading and consolidation. The consolidation phase suggested that the previous selling pressure has been absorbed by the market, and it could be time for a northbound breakout.

In fact, the aforementioned hike indicated that market participants are gaining confidence with possible higher price targets.

Source: TradingView

Metrics back the bullish case

AMBCrypto’s analysis of AVAX’s on-chain metrics revealed more positive insights about the altcoin’s recent movements. According to IntoTheBlock, about 58% of AVAX holders were in profit at its press time price. This significant proportion indicated strong investor sentiment at its prevailing price level. 

This level of profitability implied that the asset has a solid base and might well have room for further upside.

Source: IntoTheBlock

Additionally, AVAX recorded high social volumes, as indicated by Santiment’s social data. Figures for the same revealed a progressive surge in the altcoin’s social volume since the beginning of the month.

Such a hike in the number of social mentions added to the positive sentiments around AVAX’s market.

Source: Santiment

According to Coinglass’s liquidation data, AVAX seemed to have a bullish bias, with clusters of liquidation pools above its retested support level.

These areas serve as critical thresholds and could trigger buy-side liquidations and add fuel to an upward trend.

Source: Coinglass

What next for AVAX?

To conclude, AVAX’s press time market status and metrics pointed to a potential bullish outlook.

As long as the $31 support holds and social sentiment stays positive, Avalanche could continue its upward momentum on the charts.