Avalanche Crash and Bullish Outlook
Avalanche (AVAX) experienced a 27% crash, resulting in $222 million in liquidations, with 93% coming from long holders.
Despite the sudden market shock, bulls remain optimistic, eyeing a potential price of $30. The crash is seen as a flush of weak hands, with strong spot demand and heavy on-chain accumulation indicating a potential breakout.
Smart money was actively accumulating AVAX during its sideways consolidation around the $25 level, with roughly $6 million in strategic accumulation, positioning for a potential breakout.
The market shock triggered a broad sell-off, but bulls have taken back control around the $22 bid wall. The timing of the accumulation proved disastrous, but the outlook remains bullish.
Author's summary: Avalanche crashes 27% but bulls still eye $30.
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