Key Takeaways:
- AVAX open interest increased by 8.32% overnight to $2.2 billion.
- Smart money accounts show a strong bullish bias with 69% long positions.
- The data points to speculative belief in short-term price appreciation for AVAX.
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AVAX open interest surges 8.32% as smart money turns bullish
Open interest in Avalanche's native token AVAX rose 8.32 percent overnight, as speculative positioning from sophisticated traders turned decisively bullish.
"The ratio of long to short positions for smart money accounts reached 69%," said a spokesperson from CryptoQuant, a leading on-chain analysis firm. "This indicates a strong expectation of a near-term price increase."
The surge in open interest, now totaling $2.2 billion, was accompanied by a significant increase in trading volume on major exchanges like Binance and Coinbase. Data from CoinGecko shows AVAX trading at $11.50, up 2.5% in the last 24 hours.
The current market structure suggests a potential move towards the $12 resistance level by May 15th, but also increases the risk of cascading liquidations if the price reverses suddenly. The next key level to watch is the previous support at $10.80. This article is for informational purposes only and does not constitute investment advice.
