Key Takeaways

Avalanche [AVAX] held steady near its triangle support, with the RSI at 51 and Parabolic SAR turning bullish. The TVL rose to $1.9 billion too. Also, Grayscale’s ETF filing signaled possible institutional inflows.

Avalanche [AVAX] has held steady on the price charts over the last 24 hours, with the same only seeing minor movement after gaining by +10% in just 30 days.

In fact, an analysis suggested that bullish momentum could soon be ramping up. And yet, at the time of writing, fresh selling pressure across the market seemed to be complicating the outlook for the altcoin.

AVAX’s bullish move under pressure

On the 4-hour chart, AVAX has been trading within a bullish symmetrical triangle – A pattern often linked to major rallies.

At press time, the price was hovering near its triangle support, hinting at possible momentum if the resistance was breached.

Analysis indicated that any move beyond the resistance was likely to encounter downward pressure at its Fibonacci levels. The $24.8-zone has already forced at least two pullbacks. Naturally, if momentum persists, this level would be the next major test for the altcoin.

Meanwhile, the crypto’s technical indicators suggested that the potential for significant upside remains intact.

The Parabolic SAR showed dotted markers below the price – Indicative of early rally conditions. Continuation of this pattern would reinforce bullish pressure.