Avalanche (AVAX) eyes $100 as crypto market rallies

The cryptocurrency market has made significant gains during the past 24 hours. These gains have led to the majority of the market trading green, and most coins have recovered slightly from previous lows.

Avalanche (AVAX/USD) has been one of the top gainers during the past 24 hours. At the time of writing, the coin was trading at $91.94 after a 9.4% gain.

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Avalanche eyes $100

During the past 24 hours, AVAX has made a notable gain, and it is currently headed towards the next major resistance level of $95. $91 is a crucial resistance for AVAX, and if it manages to hold and break through, buyers could rally further support to new highs.

If the market support holds and buyers do not sell at crucial resistance levels, the next target price for AVAX is $100. This price level was achieved in January, and since then, AVAX has made numerous unsuccessful attempts to reclaim it again.

AVAX’s all-time high currently stands at $144. At the current prices, AVAX is 37.9% below this high. If it breaches $100, the next resistance will be at $109, and this level could be achieved if the buyer and market pressure continue.

The Avalanche network stands as one of the most popular ones. The network has gained adoption from decentralized finance (DeFi) projects, and its total value locked (TVL) has grown as a result. The network’s growth is boosting the utility of AVAX tokens, and this could aid in the price rally.

Avalanche’s downtrend is also imminent 

Avalanche has made a significant gain during the past 24 hours, but since the beginning of the year, it has been following the market trend, and it has failed to break past any notable highs on its own.

The cryptocurrency market has been volatile since the beginning of the year. Therefore, there is a possibility that the current downtrend will fail to hold, just like it has happened in the past. When this happens, AVAX will drop towards the lower support levels of $82. The coin could also drop to $66 if it erases its 24-hour gains.