Avalanche
Avalanche holds $7 support zone as derivative activity and Aave V4 deposits rise
AVAX rebounded toward $8 following a successful test of support, supported by growing open interest and record lending deposits.
Avalanche (AVAX) rebounded from its late-August retest of the $7 support zone, advancing toward the $8 mark in early September despite broader market weakness that pulled Bitcoin below $80,000. Onchain metrics showed deposits on Aave V4 reaching an all-time high of $19.1 million on Avalanche.
Derivative and market indicators have shown gradual improvement. Coinalyze data indicates spot CVD has climbed since September 4, while open interest expanded from $145.6 million to $164.9 million alongside positive funding rates. The daily relative strength index registered at 66.6, reflecting upward momentum, although on-balance volume remained range-bound around July highs without a clear breakout.
The broader market structure on higher timeframes has remained in a downtrend since June, framing the current upward move as a retracement. Potential resistance targets sit at Fibonacci retracement levels of $8.65 and $9.46, with key near-term support established at $7.11 and $6.31.
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