AVAX’s rally odds – Here’s where the altcoin’s metrics really stand!

• AVAX’s price retested a key level at around $31 on the charts
• Metrics pointed to potential bullish momentum if a key support holds on

Avalanche (AVAX) is in the spotlight again today after recent data and technical analysis hinted at a potential bullish trend. AVAX has shown resilience lately by bouncing off its key support level at $31. At the time of writing, the altcoin had climbed to $32.37, up 3.78% in 24 hours. 

Here, it’s worth noting that this price action came after a few days of sideways trading and consolidation. The consolidation phase suggested that the previous selling pressure has been absorbed by the market, and it could be time for a northbound breakout.

In fact, the aforementioned hike indicated that market participants are gaining confidence with possible higher price targets.

Source: TradingView

Metrics back the bullish case

AMBCrypto’s analysis of AVAX’s on-chain metrics revealed more positive insights about the altcoin’s recent movements. According to IntoTheBlock, about 58% of AVAX holders were in profit at its press time price.

This level of profitability implied that the asset has a solid base and might well have room for further upside.

Source: IntoTheBlock

Additionally, AVAX recorded high social volumes, as indicated by Santiment’s social data. Figures for the same revealed a progressive surge in the altcoin’s social volume since the beginning of the month.

Such a hike in the number of social mentions added to the positive sentiments around AVAX’s market.

Source: Santiment

According to Coinglass’s liquidation data, AVAX seemed to have a bullish bias, with clusters of liquidation pools above its retested support level.

These areas serve as critical thresholds and could trigger buy-side liquidations and add fuel to an upward trend.

Source: Coinglass

What next for AVAX?

To conclude, AVAX’s press time market status and metrics pointed to a potential bullish outlook.

As long as the $31 support holds and social sentiment stays positive, Avalanche could continue its upward momentum on the charts.